In the UK, the experts have advised the individuals that the households can go through the highest annual downfall in their living standards from the 1950s as the Russian invasion of Ukraine thrust the energy prices of the globe.
Inflation has set a record for 30 years. The analysts mentioned a sustained increase for the wholesale oil and gas markets would further create issues for the families from the skyrocketing utility bills.
Moreover, the Analysts at Bank of America mentioned that in one of the scenarios, the household’s real income would increase by 31 percent in 2022 than the previous year, in the highest annual drop since around 1956, in this current year of the Suez crisis.
Along with this, in what would mark a problematic situation compared to the oil shock of the 1970s, it comes after the European gas prices that went up on Thursday, 24 February, after Russia called full-scale military operation upon Ukraine.
On Friday, the gas prices were reached the same place as it was before. It was a more relaxed day for financial markets. The analysts cautioned they remained higher than the start of the week and could increase more again, and the conflicts between the Moscow and the west has been escalated further.
Meanwhile, the effect of the current rise has had a significant impact on the petrol and diesel prices at filling stations all over Britain (The UK).
However, the RAC has mentioned the increase and has set a record, and it’s been the fourth time that this is happened, with unleaded at almost 150p per litre and the price of diesel beyond 153p for the first time in history.