Shoppers concerned about effect of Middle East conflict, as UK retailers say government running out of time to cut costs
Four in five people are worried that the Iran war will make food more expensive, according to a new poll, as businesses warned the “window is closing” for ministers to cut energy costs for UK retailers.
Research by Opinium found that 80% of people are worried about the rising price of groceries, which would come from retailers passing on cost increases to consumers, while 73% expect the conflict to push up prices of other products.
The blockade of the strait of Hormuz has already sent oil and gas prices soaring, caused a crisis in the global fertiliser industry, and has made shipping and distribution more expensive.
The effects have so far been felt most acutely in sectors such as manufacturing and chemicals, which use high amounts of gas. The UK chancellor, Rachel Reeves, announced more support on bills for the most energy-intensive businesses in April, but now faces fresh calls to cut costs for the food sector.
