The surging cost of metals such as aluminium and copper amid the Ukraine conflict means UK shoppers are likely to face higher prices, the head of the London Metal Exchange has said.
Matthew Chamberlain told the BBC’s Today programme that prices for canned goods and copper wiring may rise.
One economist warned inflation, which tracks the cost of living, may hit 10%.
UK petrol prices hit another record as global energy prices remained high amid worries supplies will be affected, reports BBC.
The average price of a litre of petrol rose to £1.53 a litre on Thursday, motoring groups said, while diesel reached £1.57 a litre. That was an increase in 1p a litre from the day before.
This week, the price of Brent crude – the global oil benchmark – surged to more than $119 a barrel at one point, the highest since May 2012. On Friday, it was trading at around $111 a barrel.
Copper prices are at five-year highs, and other commodities have jumped in price since the Ukraine conflict began.
These higher prices are set to trickle down to UK shoppers, Mr Chamberlain told the BBC’s Today programme.
“We’ve seen aluminium and nickel up 30% since the beginning of the year, and that will ultimately be passed on to consumers when you buy your drinks can made of aluminium, or when you make renovations to your house and you need copper for your wiring, all of those prices do go into the overall inflationary pressure.”
Panmure Gordon economist Simon French told the BBC that the UK’s inflation rate could now hit 10% because of higher costs, and on Thursday an industry body warned that UK household energy bills could reach as high as £3,000 a year.
