Between 2007 and 2008 many prices rose quickly. The price of essential food rose by 40%, the price of gas and electricity rose over 20%, and the price of petrol rose over 16%.
Why did it happen so quickly? Britain is running out of its own gas and oil and had to buy much more from overseas. Other countries, such as China and India were getting richer and could pay more, so world prices rose, and the number of people in the world was rising, so making food dearer.
