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.
Key term
What it means
In an oligopoly, a few firms account for much of a market. Each may pay close attention to what the others charge and offer. They may compete hard on price and quality, or competition may be weak; the small number of firms alone does not settle that question. An oligopoly does not mean the businesses have made an illegal agreement with one another. Check what counts as the market before deciding how many serious competitors there are.
Example
Imagine three companies supplying almost all the broadband connections in a small area. That local market could be an oligopoly if customers have few other usable choices, even if more broadband firms exist elsewhere.
Why it matters
The choices available to customers depend on how those few suppliers compete, and on whether new suppliers can enter.
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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Monopoly
A market with only one seller of a particular good or service and no close alternative for buyers.
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Monopsony
A market with one buyer and many possible sellers, including workers seeking an employer.
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News
Highlights from about the UK economy, the UK government and the UK public sector.
Mortgage relief will have to wait a little longer
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Energy bills are going up as winter approaches
Wednesday 4 November 2026
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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