UK Chief Secretary to the Prime Minister Darren Jones warned in a broadcast interview that food and fuel prices in the United Kingdom will remain elevated for at least eight months after the war in Iran ends. Jones said the government was stepping up planning to offset higher energy costs by monitoring stock levels and addressing supply chain disruption.
"You're going to see prices go up a bit as a consequence of what Donald Trump has done in the Middle East. That's probably going to come online not just in the next few weeks, but the next few months. There's going to be a long tail from this." Jones said.
He set out a timeline for when households would feel the effects. "I think our best guess is eight-plus months from the point of resolution that you'll see economic impacts coming through the system." he said.
Oil prices have risen following the closure of the Strait of Hormuz since the U.S. and Israeli attacks on Iran began in February. The strait carries a fifth of global oil and gas. Last week, Donald Trump announced an indefinite extension of the U.S. ceasefire with Iran that paused most of the fighting.
The UK government has urged motorists to fill up their cars as usual despite higher prices at the pumps, and has told air travellers not to change their plans over potential jet fuel shortages. Officials are also looking to secure stocks of carbon dioxide for the food industry, breweries, defense purposes, and medical uses such as MRI scanning.
He said he was seeking to ensure an adequate supply of beer for fans watching the men's football World Cup. "I raised this issue because if there is a problem with jet fuel on holidays and carbon dioxide on beer, the summer might be pretty depressing for people, but we're doing everything we can to make sure that it's not the case." he said. The Liberal Democrats have called for a bill to be included in the next king's speech in May to put food security at the top of the government's agenda.
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