UK Finance Minister Rishi Sunak warned that the Ukraine-Russia war had created significant uncertainty for Britain's economy.
The conflict in Ukraine has pushed world oil prices to a 14-year high and this has given an upward impact on fuel costs, with UK petrol prices hitting record highs.
This helped push gas prices up, as well as sparking a warning that the average power bill in the UK could hit £3,000 a year in October, after rising to £2,000 in April if the power price cap was raised.
In addition, the UK was also impressed by the surge in grain prices because both Russia and Ukraine are the world's main producers, especially wheat.
The UK's Gross Domestic Product (KDNK) rate increased by 0.8% in January compared to the 0.2% drop recorded the previous month in line with the effect of decreasing transmission of the Omicron variant.
However, in a statement issued following the publication of UK economic data on Friday, Sunak said Russia's imprudence had created significant economic uncertainty.
However, he said it was important for the UK to stand with the Ukrainian people to uphold the shared values of freedom and democracy and ensure Russia failed.
Meanwhile, Sunak informed that the kingdom has provided unprecedented support to deal with the impact of Covid, putting the UK economy in a strong position to address the challenges of living costs.
