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Cost Of Living Has Risen By £700 Per Family In 12 Months!

News that the annual cost of living has increased by around £700 per family over the last year has caused dismay across the UK. While the vast majority of us have felt the pain in our pockets, to see the figure crystallised at around the £700 level seems to make it that little bit worse when you think what else you could spend it on!

It was also interesting to see the widening gap between increased living costs and increased income which has seen the average net disposable income fall by 9.1% in the UK, or £13 a week. While this may not sound an awful lot of money it does add up over the year and is yet another example of how the population is suffering. It also seems that the situation is set to get worse before it gets better with inflation far outstripping the most recent of wage rises.

The report also highlighted the fact that food inflation is running at around twice that of the general inflation rate, something which the supermarkets continue to deny even though the statistics suggest otherwise. As food prices are unlikely to fall in the short to medium term it will take some time for wage inflation to catch up and put the UK population back on an even keel.

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