The surge in commodity prices that followed Russia’s invasion of Ukraine will worsen the squeeze on UK living costs and reduce growth, economists have warned, as the Bank of England prepares its latest assessment of the economy.
Oil, gas and wheat prices have risen sharply since late February, raising UK consumer prices and pointing to a higher peak in inflation this spring followed by a period of sustained high price rises.
With forecasting groups, such as Goldman Sachs, now expecting inflation to peak above 9 per cent, the even higher prices will exacerbate the largest expected squeeze on household disposable incomes for 30 years, potentially slowing economic growth to a crawl.
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