Food Costs Continue to Drive UK Inflation to 45-Year High
Food costs are driving inflation in the UK, with prices for items such as olive oil, sugar, and low-fat milk all experiencing surges.
Grocery prices have risen by 16.7% in the year to January, making it challenging for retailers to keep costs down. Inflation is currently at a 45-year high, but it fell slightly in January to 10.1%, with decreases in fuel and dining-out costs being the main contributing factors. Despite this, many analysts predict that inflation will continue to be a concern, especially as it remains five times higher than the Bank of England's target of 2%.
The cost of living is impacting everyone, as seen in the 50% increase in incoming enquiries year on year. Our advisors have reported a significant rise in individuals presenting gas and electricity arrears, with a 46.7% and 43.8% increase, respectively, compared to last January. We encourage anyone struggling to keep up with bills to contact Debt Free Advice for free and impartial support - our team is available 8am-8pm, 7 days a week
"The cost of living is impacting everyone, as seen in the 50% increase in incoming enquiries year on year. Our advisors have reported a significant rise in individuals presenting gas and electricity arrears, with a 46.7% and 43.8% increase, respectively, compared to last January. We encourage anyone struggling to keep up with bills to contact Debt Free Advice for free and impartial support - our team is available 8am-8pm, 7 days a week"
