Everyday Essentials Are Getting More Expensive Amid a 40 Year High Inflation

Everyday Essentials Are Getting More Expensive Amid a 40 Year High Inflation

Felix Yim 28/10/2022
Everyday Essentials Are Getting More Expensive Amid a 40 Year High Inflation

Shop prices are rising with inflation hitting a 40-year high.

Essential household product prices are rising faster than others, including cooking oil and cereal. 

The rise in the cost of groceries has been accelerated by inflation and the war in Ukraine.

Everyday items including milk, chips, bread, pasta and biscuits recorded large increases.

The Russia-Ukraine conflict has caused a significant hike in the price of gas, due to supply issues being felt across the continent. Around 80% of British homes are reliant on gas, meaning this increase will affect the majority of UK households.

Another reason why households will be struggling with energy bills is the spiralling cost of electricity. Looking ahead to the winter, energy bills could hit a staggering £3,300 on average, as the cost of living crisis continues to affect families across the country.

House insurance increased by 23% in 12 months, the ONS reported, while car insurance rose 8.8% in the same period. This puts even more strain on car owners.

Retail experts have warned shoppers to brace themselves for further price hikes.

Several grocers including Morrisons, Aldi and Asda are cutting the price of hundreds of products to help struggling customers.

It's recommended to make a monthly meal plan, rather than weekly, by buying in bulk to save money.

The UK government is providing support to help those that are struggling to pay for food.

People living below the poverty line could apply for the Household Support Fund, as many councils are offering vouchers or cash for food.

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Felix Yim

Tech Expert

Felix is the founder of Society of Speed, an automotive journal covering the unique lifestyle of supercar owners. Alongside automotive journalism, Felix recently graduated from university with a finance degree and enjoys helping students and other young founders grow their projects. 

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