The UK is bracing itself for higher prices for essential items like energy, food, and flights for at least eight months after the war in Iran ends. The warning comes from Darren Jones, a government minister, who said that the prolonged disruption to global supply chains will have a lasting impact on household costs.
The strait of Hormuz, which carries a fifth of the world's oil and gas, has been closed since the US and Israeli attacks on Iran began in February. This has led to a significant increase in oil prices, which will likely take time to recover even after the conflict is resolved.
Minister Jones acknowledged that government support schemes may not be enough to mitigate the price rises, leaving many households struggling to make ends meet. The UK's inflation rate is already at a four-year high, and further price hikes could exacerbate this issue.