Inflation
Oil prices plummeted at the start of the pandemic, but demand has since rocketed back to a seven-year high.
Gasoline costs an average of $3.31 per gallon in the United States, up from $2.39 per gallon a year ago. It’s a similar story in the United Kingdom and the European Union.
Gas prices have also risen, leaving people all over the world with eye-watering central heating bills.
Prices have risen due to increased demand from Asia, as well as a cold winter in Europe last year, which depleted gas reserves.
Consumers who were unable to go out to restaurants or on vacation due to the lockdown last year spent their money on household goods and home improvements.
Manufacturers in Asia, for example, have struggled to keep up with demand since then, with many forced to close due to Covid restrictions.
It has resulted in material shortages such as plastic, concrete, and steel, driving up prices. Timber costs up to 80% more than usual in the UK in 2021, and it costs more than twice as much in the US.
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