Higher energy prices are set to affect several parts of the UK economy, with consequences for prices, living standards and economic growth, according to the Office for Budget Responsibility.
The assessment underlines the wide-ranging impact of changes in energy costs. Rather than being confined to one part of the economy, higher prices are expected to influence both the cost of living and the wider economic outlook.
The effect on prices is one of the areas identified by the watchdog. Higher energy costs can therefore form part of broader price pressures, although the available information does not provide figures or details of the specific changes expected.
The OBR also points to implications for living standards. Its assessment links energy prices directly to how households’ financial position may be affected, while also identifying economic growth as another area facing consequences.
The available overview presents the findings through four charts, but does not include their individual figures or further detail. The latest position described is that higher energy prices remain a significant factor for prices, living standards and the UK’s economic growth prospects.
