UK inflation likely to rise because of Middle East war, says Rachel Reeves
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The UK is bracing for potential inflation increases due to the conflict in the Middle East, according to Chancellor Rachel Reeves. Rising oil prices, which have surpassed $100 a barrel, are a primary concern, with potential impacts on energy bills and fuel costs. The government is considering interventions to protect households from cost-of-living shocks, including a possible coordinated release of oil reserves and mitigation measures for those using heating oil. Officials are also discussing the planned fuel duty increase and warning petrol stations against price gouging. Experts predict further increases in petrol and diesel prices in the coming weeks, prompting calls for drivers to conserve fuel.
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