UK consumers likely to face higher prices ‘for many months to come’

Data shows even if Iran war ends, shop price inflation on rise, while only 16% of firms left unscathed by conflict

Higher prices could persist over the summer even if ceasefire talks between the US and Iran bear fruit, consumers have been warned, with economic shock waves likely to be felt “for many months to come”.

Disruption to global shipping, coupled with soaring prices for energy and raw materials, have driven up costs for UK companies, with the impact already filtering through to prices paid at the tills, according to fresh inflation figures.