the rocketing price of food and fuel is hitting the poorest hardest and causing rioting and unrest. In UK we have the highest gasoline at the pump prices on record and thatâ€™s well exceeding the price when oil reached its previous spike in 2008, also pushed higher by UK government policy of increasing taxes to help sustain its quantitative easing money given to banksters and to even try to maintain its current debt levels.
ROCKETING petrol prices have sparked fears of an interest rate rise â€“ causing misery for millions of families.
The cost of filling up soared 12.6% in the 12 months to December â€“ and 2.4% last month â€“ to an average Â£1.28 for a litre of unleaded.
The surge is set to push inflation up. To stop that running out of control, the Bank of England might have to put rates up â€“ and that would hammer households with variable rate mortgages.
An increase of just 0.25% in the Bankâ€™s base rate would add Â£20 a month to an average Â£150,000 mortgage. Unleaded and diesel prices are on the brink of record highs, hitting families and businesses alike. With budgets already under strain, the Mirror yesterday launched its Will the Penny Drop? campaign to urge Chancellor George Osborne to scrap Aprilâ€™s planned 1p fuel duty hike.
The increase in pump prices follows a leap in the cost of crude oil â€“ with a knock-on effect for the price of everything from plastic to food and other goods transported to stores.
The consequences of the Australian natural disaster of widespread flooding, that comes at the same time as banksters being actively involved in speculating on commodities that have helped prices to soar so much, ironically fuelled by the use of certain countries using quantitative easing, to supply banksters with fake easy money, which is also adding to sovereign debt problems. Looks like the whole experiment and letting banksters get away with it is blowing up all around the world.
Latest news on BBC news of Tunisia situation and what appears to be poverty, unemployment, food and fuel prices all stoking up the situation and reference made to similar situations on the verge all over the world as global inflation of essentials spirals out of control and making essentials unaffordable to many on the planet: