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The rising cost of living in the UK

While inflation would now appear to be under control having peaked at 5.2% in September 2008 many people will forget that even the current level of 4.1% in November is still a substantial increase over the level seen just a few months ago. A quick look at the last three years shows that inflation began the period at 1.9% in January 2006 and while it picked up to 3% in December 2006 this did not last too long as by the end of 2007 the rate had bottomed out at 1.8% before ending the year at 2.1%.



However 2008 was a terrible year for the cost of living in the UK having started at just 2.2% in January we saw a gradual increase in the middle of the year and a peak of 5.2% in September although the rate is now just over 4% and set to fall further in December 2008. So what does this mean for the UK population?



While the cost of living in the UK continues to increase even the rate of inflation does not give the whole picture as food and energy prices have increased substantially more than the underlying rate of inflation. The figure is calculated by using a basket of common items, services and energy costs which reflect the consumer of the day. The specific items and services used to calculate the figure is regularly adjusted to take into account "everyday life in the UK".

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