"If recent rises in the price of oil and gas were to be sustained they could add around a percentage point to inflation and 500 on to typical annual energy bills. The latter increase would be particularly damaging for poorer families as they spend more than twice as much of their budgets on energy as richer households."
"After the US and Israel launched attacks on Iran, the conflict in the region has dramatically unfolded, raising fears over relied-on supplies of oil and liquified natural gas from the Gulf. Latest figures show the price of UK wholesale gas has almost doubled since the start of the war."
Following US and Israeli attacks on Iran, Middle East tensions have escalated, threatening oil and liquified natural gas supplies from the Gulf region. UK wholesale gas prices have nearly doubled since the conflict began. The Resolution Foundation warns that sustained increases in oil and gas prices could add approximately one percentage point to inflation and £500 to typical annual energy bills. This rise poses particular hardship for lower-income households, which spend more than twice their budget share on energy compared to wealthier families. The warning emerged days after Ofgem announced a price cap reduction for April, creating uncertainty about energy cost trajectories.
Read at www.independent.co.uk
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