{"id":465861,"date":"2026-03-09T11:54:09","date_gmt":"2026-03-09T11:54:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/465861\/"},"modified":"2026-03-09T11:54:09","modified_gmt":"2026-03-09T11:54:09","slug":"iran-latest-oil-price-passes-100-for-first-time-since-2022-as-starmer-warns-of-economic-impact","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/465861\/","title":{"rendered":"Iran latest: Oil price passes $100 for first time since 2022 as Starmer warns of economic impact"},"content":{"rendered":"

\"Analysis\"What does oil price surge mean for wider inflation?published at 10:40 GMT<\/p>\n

10:40 GMT<\/p>\n

\"\"Dharshini David
Deputy economics editor<\/p>\n

\n

The week\u2019s started with a blistering surge in oil prices – and another jump in gas costs on global markets. <\/p>\n

And with it, talk of the mounting costs of filling a car, and the domestic energy price cap here in the UK jumping to perhaps more than \u00a32,000 in July. <\/p>\n

What does this mean for wider inflation? <\/p>\n

It depends on the ultimate degree and duration of the increase in energy costs. <\/p>\n

At current rates, economists are warning that predictions of inflation being maintained at the 2% target seem set to be derailed; it could be considerably higher. <\/p>\n

But they\u2019re not expecting a return to the double digit inflation seen just a few years ago. <\/p>\n

The war in Ukraine also caused spikes in the prices of basic foodstuffs – wheat and edible oil – due to the role of Ukraine in producing those items. That is not the case now.<\/p>\n

And food inflation doesn\u2019t just affect pockets today – they are also the key determinant of our expectations of inflation in the future, and so affect behaviour. For example, asking for bigger pay rises, which in turn can keep inflation elevated. <\/p>\n

This is, of course, a rapidly changing story.<\/p>\n","protected":false},"excerpt":{"rendered":"What does oil price surge mean for wider inflation?published at 10:40 GMT 10:40 GMT Dharshini DavidDeputy economics editor…\n","protected":false},"author":2,"featured_media":465862,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":{"0":"post-465861","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-gb","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/465861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=465861"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/465861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/465862"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=465861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=465861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=465861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}