Demand for fuel has pushed gas prices up – but peace in Ukraine could flood the market and change everything
A scramble to heat homes during a cold winter across Europe has sent gas prices soaring from where they were six months ago. This week, that extra cost will appear in figures that City analysts say will show inflation jumped to 2.8% in January, from 2.5% in December and 1.7% last September.
The Bank of England says inflation will keep rising towards 3.7% this year. The National Institute of Economic and Social Research (NIESR) has predicted the rate will rise to 3.2% in 2025.
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