Russia conflict could make UK gas and petrol prices soar | Matt Chorley

At this time on a Monday we head to the business section of the Times newspaper and every fortnight we're joined by Mark Littlewood, Director-General of the IEA.

A meaningful bout of general inflation is already hitting the economy and the most dramatic initial effect appears to be in the energy market, where domestic bills are expected to soar.

The figures are stark. Energy costs are anticipated to make up nearly 7 per cent of the average household’s annual expenditure this year. This compares to a little over 4 per cent in 2019 and will surpass the previous peak way back in 1983 of 6.3 per cent. As usual, price rises for basic necessities will hit the poorest hardest. Families in the bottom income decile can expect to spend 13 per cent of their budget on domestic fuel this year and simply getting by financially week-to-week is going to be a struggle for many.

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