Fuel and travel costs are pushing prices up again
Thursday 5 November 2026
Inflation has risen to 3.1%, meaning everyday spending is getting more expensive just as household budgets are already under pressure.
Monopoly
A market with only one seller of a particular good or service and no close alternative for buyers.
Key term
What it means
A monopoly means one supplier serves a defined market without a close substitute that customers can switch to. That can give the supplier room to set prices or terms that would be harder to maintain if buyers had good alternatives. The word depends on how the market is defined: a firm might be the only seller in one town but face alternatives online or nearby. Having a monopoly does not by itself mean the firm has broken the law; regulators look at its conduct and the market circumstances.
Example
Imagine an island with one ferry operator, no bridge and no practical alternative route. For crossings from that island, the operator might be a monopolist. A second usable service would change that picture.
Why it matters
Buyers may have little choice when a single supplier controls a service they need, so price, quality and access deserve closer attention.
Related terms
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Barriers to entry
Obstacles that make it hard for a new business to start competing in a market.
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Market concentration
How much of a market's sales or activity is accounted for by its largest businesses.
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Market power
A business's ability to influence prices or conditions because customers or suppliers have limited alternatives.
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Monopsony
A market with one buyer and many possible sellers, including workers seeking an employer.
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Oligopoly
A market in which a small number of businesses make most of the sales.
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Price elasticity of demand
How strongly the amount people buy responds when its price changes.
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Rent seeking
Trying to gain or protect an extra reward by securing an advantage, rather than by providing more or better goods or services.
Read more
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News
Highlights from about the UK economy, the UK government and the UK public sector.
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A higher energy price cap means many households will be paying more to heat and power their homes during the colder months.
Guides and insights
Analysis
Clear, accessible analysis of the economic issues shaping everyday life
Living standards
What does a day’s work buy?
Comparing the cost of everyday life across generations, from bread and beer to buying a home.
Food & prices
The journey behind your grocery bill
How farming, energy, transport and supermarket competition shape the price on the shelf.
Prices & inflation
Inflation is falling. What happens next?
What slower price rises mean for wages, purchasing power and economic recovery.
Shared prosperity
What would shared prosperity look like?
Beyond GDP: how we could measure economic success through security, opportunity and living standards.
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