Inflation pressures show no signs of easing after oil prices returned to the peak seen in March after Russia’s invasion of Ukraine.
Brent crude is above $123 a barrel, meaning no respite for motorists after it emerged yesterday that the cost of filling up the typical family car is almost £100.
The oil surge adds to pressure for faster interest rate rises, with attention today on whether the European Central Bank will signal its intention to hike from next month.
