Chancellor John Healey has expressed the government's commitment to protect consumers from potential price gouging at gas stations and grocery stores as the ongoing conflict in Iran impacts prices. Although he noted a lack of significant evidence for price gouging, he cautioned retailers that the government is closely monitoring the situation.
Healey's remarks come as the Bank of England maintains interest rates, warning that further escalation in the Iran war could push inflation above 4% next year. Retailers have responded, emphasizing their competitive pricing and suggesting that tax increases may be a more significant factor in rising costs.