Fuel hikes threaten consumer spending

The price of fuel has hit a three-and-a-half-year high as the price of oil continues to climb, putting more pressure on consumers.

The average price of petrol has risen to 127.22p a litre and diesel to 129.96p a litre, following a rapid rise in the oil price.

Recent figures suggest a squeeze on incomes has begun to ease, with wages growing faster than prices.

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However, rising fuel prices threaten to prevent inflation slowing.

“Things have started to look better for the UK consumer recently, with inflationary pressures easing and real wage growth finally started picking up,” said George Salmon, equity analyst at Hargreaves Lansdown.

However, he said, that drivers had noticed the impact of higher fuel prices at the pumps.

“Filling up the tank is a pretty essential expense for most of us, so the average consumer could find there’s a few pounds less in the jar at the end of each month.”

Read more: BBC

By |2019-03-27T11:17:12+00:00May 30th, 2018|Electric Cars, News, Reviews, Uncategorized|
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