UK OBR warns higher energy prices to hit growth, living standards

The UK's Office for Budget Responsibility (OBR) has stated that higher energy prices will affect prices, living standards, and economic growth. This signals a negative supply-side shock for the UK economy, likely leading to upward pressure on inflation and downward pressure on growth. The exact magnitude and duration of the impact remain uncertain, but the OBR's assessment suggests a stagflationary risk for the UK.

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