Ofgem price reductions and Middle East conflict are impacting UK inflation data, according to ONS.
6 reports, 3 independent
Updated Aug 26
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AI-generated analysis. Brind wrote this summary from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.
What happened
Ofgem price reductions and Middle East conflict are impacting UK inflation data, according to ONS.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.ONS data links hostilities to inflation, and a survey tracked wealth decline in 37 wealthy nations.1 source
- Fallout from Middle East conflict adds uncertainty.Sub-event
UK inflation data is being affected by Ofgem price reductions and fuel price pressures from the Middle East conflict.1 source
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The entities involved
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ONS
in the Netherlands and Flanders, Belgium
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Middle East
geopolitical region encompassing Egypt and most of Western Asia, including Iran
- The US and Israel began striking Iran on June 1st, leading to severe disruptions in regional air traffic. Airlines like Emirates are operating out of bases like Abu Dhabi and Dubai.
- Oil flows through the Strait of Hormuz as geopolitical risks in the Middle East affect oil prices, with Iraq ready to resume production.
Related events
- Conflict in the Middle East is impacting the economic outlook for the UK.
- ASB forecasts an inflation rebound in Q4, noting that the Middle East war is lifting fuel and transport costs.
- Geopolitical tensions in the Middle East are driving inflation concerns for the ECB, with German and French GDP data influencing hawkish expectations.
- Andrew Hauser discussed Australian inflation issues, noting that the conflict in the Middle East is driving price increases.