Oil and gas prices had already been rising because of increasing demand from economies recovering from the depths of the COVID-19 pandemic. They jumped higher after Russia, a major oil and gas producer, launched a military operation against Ukraine, on fears that sanctions and export restrictions could crimp supplies.

Britain is in a cost-of-living crisis as households and businesses face increased energy bills and inflation is at the highest rate in almost 30 years at 5.4 percent, experts said.