Producers of everything from toothpaste to baked beans and ice cream are bracing themselves for a second inflationary surge in less than five years. But foisting price rises on consumers to offset the pressure will not be so easy this time around.
Iran’s control of the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas is shipped, has resulted in sharp rises in the cost of energy and plastics used in packaging.
Restricting passage through the waterway, a central part of Iran’s retaliation against the US and Israel’s month-long bombardment, has also driven up the price of fertiliser by more than 40 per cent.
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