Grocery prices expected to increase due to Iran conflict

The recent missile strikes by the US and Israel on Iran have led to a 67% spike in wholesale gas prices and a 35% increase in oil prices, impacting energy costs across the UK. While Ofgem’s energy price cap protects households until July, businesses lack such safeguards, potentially leading to increased prices at supermarkets and other retailers. Experts warn that even if the conflict ends soon, energy prices may remain elevated due to ongoing market uncertainty.

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