#rising-costs-and-tariffs

#rising-costs-and-tariffs

Ken Murphy stated, 'In terms of tax pressures, industry and energy in particular, anything the government can do to help us to keep prices low for customers is welcome.' This highlights the urgent need for government intervention to support retailers.

After 46 days of rising prices, the cost of both petrol and diesel across the country has finally begun to drop very slightly. Wholesale prices are still lower, so we're hopeful there will be further reductions amounting to several pence a litre in the coming days.

Brent crude, the international benchmark, fell more than 9 percent to $90.38 a barrel on Friday, taking it below $91 for the first time since March 10.

Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.

China's exports have decelerated as the Iran war starts to affect global demand and supply chains, according to Gary Ng, a senior economist for Asia Pacific at French bank Natixis.

The International Monetary Fund has warned mounting geopolitical tensions and an escalation of Donald Trump's tariff war could hit global economic growth and trigger a backlash in financial markets. In an update as Trump threatens to impose tariffs on Nato allies opposed to his ambitions in Greenland, the Washington-based fund said a renewed eruption in trade tensions was among the biggest risks to global growth in 2026.