Gas prices in the UK shot up nearly a third in the last week of July to reach the highest average cost since mid-March, according to newly released official data.
The gas price increased by 31 percent in the week to July 31, the Office for National Statistics (ONS) said on Thursday.
Also on Thursday, the UK’s central bank, the Bank of England, raised the key interest rate by 50 basis points to 1.75 percent, the biggest interest rate hike in 27 years.
Surging Energy Prices
Energy prices have risen significantly in recent months with prices surging by two thirds in the first week of March, following Russia’s invasion of Ukraine on Feb. 24….