Prime Minister Boris Johnson is due to address the Commons at 5pm today (Thursday, February 24) to outline a ‘massive package’ of sanctions by the UK against Russia’s economy.
However it comes as oil prices surged past $100 (£74) a barrel to hit their highest level for more than seven years following the Russian invasion.
This price hike could then filter down into the prices paid at the pumps and domestic fuel bills, leading to higher and lasting inflation.
Transport costs could also increase as a result, which could have an impact on supermarket prices and for goods.
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It comes at a time Sussex residents are experiencing sky-high property prices and increases to the cost of living with fuel and other domestic bills already on the increase.
According to Which? magazine the biggest increases expected for 2022 already included food, transport, insurance, council tax, National Insurance contributions, broadband and energy bills.
Russia and Ukraine supply a quarter of the world’s wheat and half of the world’s sunflower products such as seeds and oil, plus around 19 per cent of world corn supplies.
Movement of these crops is set to be adversely impacted by war, with a knock on effect to supplies and prices.
Many household food essentials, including such staples as bread, meat and dairy products are already seeing price hikes, but these are set to rocket further.
Analysts say the situation will get much worse as wheat and grain supplies from Eastern Europe dwindle.
British farmers are hit also, currently, by a fertiliser crisis, intensified by a block on fertiliser chemicals exported by Russia, that is causing prices to double.
Then there’s the climbing gas prices that will also affect food prices through fertiliser and transport costs.
A British staple, good old fish and chips is also feeling the squeeze with cod supplies up by 75 per cent in price over just four months. Rises in packaging and energy costs too will pass on to the consumer.
As a major oil and gas producer, Russia supplies 40 per cent of Europe’s gas. As oil prices rocket, this will hit motorists at the petrol pumps keenly. The RAC has warned of the likelihood of petrol prices reaching £1.70 a litre due to restricted supplies.
Here in the UK householders already face record increases in energy bills in April, as the near-£700 rise in energy price cap comes into effect, and this could be pushed up by as much again in October, experts have warned.
The UK now takes about three per cent of its gas supplies from Russia, with 75 per cent of its gas imports from Norway.
But wholesale gas prices are determined by the international market, with Europe heavily reliant on Russia.
Energy regulator Ofgem has warned of a potential further £700 hike in the price cap this October, on top of the rise approaching £700 that is set to affect UK householders from April.
The cost of heating homes will zoom up by 54 per cent for 22 million households then, adding £693 to annual bills for an average UK household.
To shield households in the long-term, analysts say the Government could feel pressured to take action such as insulating more homes, speeding the switch over to electric heat pumps, and moving forward with net-zero policies to remove our national reliance on gas.