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The price of gas in the United Kingdom was British pence per therm in the third quarter of 2025. It is anticipated gas prices will increase to ****Ìýpence in the first quarter of 2026 before gradually falling to just under ****pence by the second quarter of of the year.

Surging energy costs and the cost of living crisis

At the height of the UK's cost of living crisis in 2022, approximately ** percent of UK households wereÌýexperiencing rising prices compared with the previous month. It was during 2022 that the UK's CPI inflation rate reached a peak of **** percent, in October of that year. Food and energy, in particular, were the main drivers of inflation during this period, with energy inflation reaching **** percent, and food prices increasing by **** percent at the height of the crisis. Although prices fell to more expected levels by 2024, an uptick in inflation is forecast for 2025, with prices rising by *** percent in the third quarter of the year.

Global Inflation Crisis

The UK was not alone in suffering rapid inflation during this time period, with several countries across the world experiencing an inflation crisis. The roots of the crisis began as the global economy gradually emerged from the COVID-19 pandemic in 2021. Blocked-up supply chains, struggled to recover as quickly as consumer demand, with food and energy prices also facing upward pressure. Russia's invasion of Ukraine in February 2022 led to Europe gradually weening itself of cheap Russian energy exports, while for several months Ukraine struggled to export crucial food supplies to the rest of the World.