How long will price increases last - and what can I do about it?

Millions of households are genuinely worried about the prospect of prices going up as a result of the Iran war - so how long will all this last?

Well, the short answer is - we don’t know.

And even if the US and Israel reach a deal with Iran tomorrow, that doesn’t mean the economic damage will be instantly undone.

As cabinet minister Darren Jones said at the weekend: “Our best guess is eight months from the point of resolution that you’ll see economic impacts coming through the system.”

Minister warns of “price pressures”

Speaking to the BBC, Mr Jones went on to warn the public that we’re likely to see “price pressures” in areas like food, fuel and travel.

“And quite frankly that’s probably going to come online not just in the next few weeks but the next few months.

“There’s going to be a long tail from this.”

What’s the government doing to help?

Nearly nine in ten Brits (87%) are worried about how the rising price of food and goods will affect them personally, according to Ipsos.

But ministers are actively looking at what can be done to reduce the economic impact of the war, especially in areas like food supply and fuel prices.

The government has already announced help for people who use heating oil.

And so far, it hasn’t ruled out stepping into support households on the main gas and electricity grid who are struggling the most.

Ministers have also been keen to highlight other steps that have taken recently to cut living costs, such as:

• taking £150 off energy bills
• increasing the national living wage
• freezing rail fares
• freezing prescription charges
• extending the 5p fuel duty cut

Check our regular money saving tips

While government support can make a big difference, so too can making small behavioural changes.

We’ve put together useful tips on key priorities like:

• how to save energy
• how to keep the cost of your food shop down
• 50 ways to cut your fuel costs
• how to lower the cost of your holiday

And don’t forget to check back here regularly for our round-ups of standout deals and low-cost recipes that can save you money in the supermarket.

Try our household bills calculator

If you’re worried about how rising costs could affect your finances, it could be worth trying our free and interactive household bills calculator.

It only takes a few minutes to use and shows how bills may change based on where you live.

Once you’ve done this, try our free budget planner to map out your monthly finances. 

And if you’re struggling with the cost of living, remember that you might be entitled to some support.

Use our benefits calculator to find out what benefits you’re eligible to claim.