Soaring Petrol Prices See Millions of Britons Driving Less
Soaring petrol prices in the UK caused millions of people to avoid driving this summer, according to the country’s Office for National Statistics.
(Bloomberg) — Soaring petrol prices in the UK caused millions of people to avoid driving this summer, according to the country’s Office for National Statistics.
About 44% of people experiencing a cost of living squeeze took fewer non-essential car trips, according to an ONS survey.
The figures — combined with Visa credit card data showing people put less fuel in their tanks — highlight the strain on UK household budgets amid the fastest rate of inflation in decades. They also underscore the extent to which demand for road fuels took a hit because of soaring prices.
“This knock-on impact due to inflation in food, energy and transport prices is making people adjust their usual economic and social interactions,” said Urvish Patel, associate economist at the National Institute of Economic and Social Research.
Nine out of ten Britons surveyed reported cost of living increases with almost 80% citing higher petrol and diesel prices as a contributing factor. Fuel costs remain above their 2021 levels despite slightly easing from a July peak.