UK Households Face Fresh Cost-of-Living Blow as Fuel Prices and Energy Bills Soar

Millions of British households are bracing for another cost-of-living blow as energy bills and fuel prices skyrocket, prompting fears of up to four interest rate hikes by next summer.

The UK economy grew by 0.4% in July, but experts warn that inflation is on the rise due to war-driven oil price increases and dwindling energy stocks.

Rob Wood, chief UK economist at Pantheon Macroeconomics, says a 'perfect storm' of rising fuel costs and energy bills will hit household finances, forcing the Bank of England to raise interest rates.