The oil price is now above USD 90. It is an increase of 50% compared to two years ago.
The high price will find work its way into the cost of living over the next one or two years.
Some businesses try to absorb the higher cost initally. After a while, they have to increase their prices. This is already happening for taxi fares. More businesses will follow soon.
What can consumers do?
Start looking for ways to reduce your cost of living. Do not wait for the higher prices to strike you. It will come soon. Be prepared early and be ready to adjust your spending habits.
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