“I should then add that obviously supermarkets need to have the lights on and they need to keep their refrigerated aisles cool which drives up supermarket prices even further as their energy bills also go up.”
Andrews pointed out that the aftermath of the COVID-19 pandemic also played a role in pushing up inflation.
Indeed, demand for gasoline had declined during the pandemic as people were not traveling as much and in response to this companies then slowed production as they did not want to spend money ‘unnecessarily’ when demand did not. wasn’t there.
Mr Andrews said: ‘Then we reopened and overall we opened all of a sudden, and that meant the whole supply chain was not ready and it took a while to get it running at a somewhat normal pace, however, we’re not quite there yet.
Mr Andrews said that as soon as the world’s machinery, factories and refineries return to “normal working capacity”, people could see the rate of inflation start to fall again.
He explained: “At the moment we are in this almost perfect storm where everything is harder to hold back, which means prices are going up. And everyone is scared of energy, which means prices are going up. And it all hits at exactly the same time.”
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