Why there's a high price for us to pay

Economics expert explains how to cope with the financial fallout of the Iran war

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DRIVEN CRAZY Rocketing fuel costs have hit motorists

If you aren't screeching, “HOW MUCH?” every time you pass by a petrol station at the moment, we'd be surprised.

Fuel prices are skyrocketing, but so are energy bills and even mortgage rates. It can be difficult to keep on top of what's going on and why, especially when the world feels like it is at war.

Dr Danilo Spinola, a senior lecturer in economics at Birmingham City University, explains what's happening and how long we can expect it to last.

“Usually what we see is that prices don't go down. The rate of inflation goes down, so the prices stop increasing, but that doesn't mean they come back to how they were before,” says Spinola.