The cost of living crisis has been getting worse and it’s very likely you’ve noticed it in your own life. But how long might it go on for and just how bad is it likely to get? Sky's business correspondent HelenAnnSmith0 explains 👇 Read more here:
The headline consumer prices index measure had stood at 7% in March as the immediate effects of Russia's war in Ukraine filtered through to the likes of fuel forecourts.caused by the easing of COVID-19 restrictions that saw demand widely outstripping supply across the global economy.
UK households were spared the worst of the jump in wholesale gas costs, first seen last summer, by the price cap mechanism as it is currently adjusted only twice a year - though that is soonThe average annual cost for gas and electricity under the cap rose by £693 on 1 April to £1,971 and is currently forecast to hit almost £2,600 in total at the next adjustment, due in October.
The dire picture for the cost of living has left the chancellor under immense pressure to provide further relief to consumers and businesses.
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