UK Cost of Living Crisis Hits Record High Amid War-Driven Energy Prices

The UK is struggling with rising costs of living as inflation continues to climb. The Bank of England expects prices to increase further in the second half of the year due to higher energy costs, which are a result of the US and Israel's war on Iran.

Petrol prices have reached a three-and-a-half-year high, with an average price per litre increasing from £1.32 ($1.78) to £1.61 ($2.17). Diesel rose from £1.42 ($1.92) to £1.81 ($2.44) per litre.

The impact of inflation is felt more keenly by lower-income households, who spend a larger portion of their income on essentials like rent, energy, food, and transport.