The cost of living crisis has affected everyone this year with many people struggling and not being able to afford to live. Inflation is still in double digits at 10.2% with food inflation being the biggest factor for this reason, with that being at almost 20%. With many household basics such as bread, milk, eggs and more going up at huge rates compared to what they were this time last year.
food price inflation reached an unexpected high of 19.1 per cent in March 2023 – its highest level in half a century – and food prices look likely to continue rising for some time to come. As a result, food prices are set to contribute more to overall inflation than energy in the months ahead. Between March and September 2023, food prices are expected to contribute around 2 percentage points to inflation each month, while the contribution of energy prices is set to fall to less than 1%, compared to it contributing up to 4% previously.
The streets of Norwich were obviously distressed with this news with one pensioner stating that she “had to dip into savings” to help pay the bills.” She, amongst others, also have had to “change habits” by having to “buy frozen and more veggie options!”
She isn’t the only one with students suffering the hit too. One student doing her A Levels wants to go to Manchester University to study law but said she will “find it hard to survive” with her stating “I will most likely have to get a job as student loans won’t be enough.”
However there is some good news. Chancellor, Jerermy Hunt stated last week ”Everyone is very clear that the UK is on the right track to focus on bringing down inflation.” But as the UK has hit its quickest rate of inflation for over 45 years, many households are still left in limbo with many not being able to afford food or bills.
Thomas Corcoran, UEA journalism
Leave a Reply