A senior government minister has warned that increased expenses for food and fuel could continue for up to eight months after the US-Iran hostilities end.

Darren Jones, Chief Secretary to the Treasury, featured on BBC’s Sunday with Laura Kuenssberg programme (aired Sunday 26 April) saying he was reviewing the conflict’s financial consequences with considerable care.

He suggested shoppers were more likely to encounter elevated costs rather than bare shop shelves.

The US-Iran confrontation erupted at the end of February, with the blockage of the critical shipping route, the Strait of Hormuz, remaining a significant concern.

BBC News reports that energy output and transportation across the Middle East has fallen or stopped entirely because of the fighting, creating supply chain difficulties and driving up prices worldwide.

Extended price rises could last for eight or more months after peace returns

When asked how long elevated energy and food costs might persist, Jones suggested they could drag on for several months once combat operations finish.

According to Jones, the most reasonable estimate is that eight or more months after resolution, economic effects would work through the system. As a result, consumers would face increased energy costs, food expenses and airfare as a result of actions taken in the Middle East.

Sky News indicates that Jones is chairing a cross-government planning group of senior ministers meeting twice weekly to closely monitor stock levels and consider approaches to handling supply chain challenges.

The committee will consider how the closure of the Strait of Hormuz and resulting shortfall in oil, gas and ammonia supplies will particularly impact Britain.

Prime Minister Sir Keir Starmer will additionally chair a separate Cabinet committee meeting on Tuesday (28 April), set up to examine possible shortages.

Government representatives have stressed no shortages exist at present, and drivers should carry on filling up as usual and avoid changing travel arrangements over worries about potential jet fuel scarcity.

Jones has previously stated that this is not Britain’s conflict and that the government made the correct decision to remain uninvolved and only take defensive measures to safeguard British interests.

He indicated that the government is taking action now to ready itself for, and reduce where feasible, the effects on the economy and domestic security resulting from the conflict. The prime minister desires to see an unobstructed Strait of Hormuz reopened promptly. Britain is working relentlessly with global partners to achieve a lasting resolution to this crisis and limit the ripple effects on families.