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Inflation: Five things that are going up in price and why
- vanilla-almond 5y agoAlthough this article focuses on the UK, the items from the list reflect rising costs across many countries. The items facing rising prices: 1. Petrol (gasoline) and diesel The UK imports just 6% of its crude oil from Russia, but 18% of its diesel. Demand for oil from other producers has increased, leading to higher prices. 2. Energy prices The surge in global demand for energy following Covid has pushed up the price of gas. With Russia the world's largest natural gas exporter, the invasion of Ukraine has driven prices even higher. 3. Furniture The rising cost of raw materials, supply chain disruption and shipping costs have all made furniture more expensive. 4. Oils and fats Ukraine and Russia produce most of the world's sunflower oil and the war has disrupted exports, leading to increased prices. In the UK, some food manufacturers have turned to alternative ingredients, including rapeseed oil. 5. Milk and cheese Fertiliser is another one of Russia's biggest exports and since the invasion of Ukraine prices have soared. This has contributed to increased costs for farmers - and dairy products are among those affected.