Rising oil prices and market turmoil from the Middle East conflict are stoking fears the UK cost of living crisis may worsen. Energy bills, mortgage rates, and petrol prices could all surge as a result of the war, according to experts.
In a video interview with The Latest, Lucy Hough spoke to Rupert Jones, deputy editor of the Guardian’s money section, about the potential impact on personal finances. Jones highlighted that the conflict could tighten the screws on household budgets already strained by high inflation.
The fallout from the Iran war is expected to push up energy costs, which have already been a major driver of the cost of living crisis. Mortgage rates may also rise as financial markets react to uncertainty, while petrol prices at the pump could climb further.
