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Expert Warns Heating Oil Price Surge Could Raise UK Inflation

17/03 17:24

Analyst Thomas Pugh from UK-based RSM company has highlighted in a report that the significant increase in heating oil prices could elevate the UK's inflation rate by 0.1 percentage points. According to Jin10, heating oil prices have more than doubled since the outbreak of the Iran war, primarily because heating oil is derived from kerosene. Europe imports over 40% of its kerosene products, mainly from the Middle East, and its reserves are relatively small. With the government's energy price cap set to take effect in April, the UK's inflation rate might still decrease in April, potentially dropping to 2.5% instead of the previously forecasted 2.0%. Ultimately, the current expectation is that the inflation rate may remain around 3.5% by the end of the year, but if the Strait of Hormuz remains closed for an extended period, inflation could rise significantly.

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