Summary
Rising oil and gas prices, partly due to a conflict in the Middle East, are increasing the cost of living in the UK. This situation has led to higher fuel prices and increased mortgage rates, affecting household budgets.
Key Facts
- Oil and gas prices are going up because of a conflict in the Middle East.
- The Bank of England kept interest rates at 3.75%, which was higher than some expected.
- UK mortgage lenders have raised their rates, leading to more expensive loans for borrowers.
- Petrol prices hit an 18-month high recently.
- Diesel prices have risen by more than 20 pence since the conflict began.
- These changes are affecting household budgets in the UK, making living costs higher.
