Grocery prices up by 58% since 2007!
A report in the financial press today has highlighted the massive increase in the cost of living in the UK with some groceries up by 58% since 2007. This comes against an inflation rate which currently stands at 3.2% and has never reached double figures in the recent past!
While it is the cost of food such as rice, lentils and beans which have increased by 58% since 2007 the price of everyday items such as tea is up by 30% and bread and eggs up by 18%. When you also take into account that wage inflation has been relatively closely pegged to the actual rate of inflation in the UK it is easy to see why more and more people are finding it difficult to stretch their monthly budgets. So who has been hit hardest by the rise in food prices?
There is no doubt that the rise in food prices over the last three years has impacted those at the lower end of the income spectrum more than any other. Despite the fact that the UK benefits system has grown dramatically over the last decade it seems that more and more people at the lower end of the income spectrum are being pushed into severe poverty.
Share this..
Related stories
OFT warns pensioners of scams
As we approach the winter period the Office of Fair Trading (OFT) has today issued a warning to pensioners in the UK to be wary of scams from doorstep sellers. Even though canvassing on the doorstep is not illegal, and many legitimate businesses use this particular means of contact, there is no doubt that we have seen an increase in fraudsters and scams over the last few years. Anything from "brok...
Read MoreScotland Yard announces MPs expenses investigation
While the facts are still shrouded in mystery it has been revealed that Scotland Yard has opened up a number of investigations into individual MPs expenses. Even though there were initially suggestions that the authorities were unable to take action against many MPs alleged to have "abused" the expenses system, today's announcement has been well received by taxpayers up and down the country.
...
David Cameron outguns Gordon Brown over MPs expenses
In a startling revelation David Cameron has today shaken the whole UK political scene with confirmation that members of the Shadow Cabinet have agreed to repay a variety of expenses which have received significant criticism over the last few days. Literally thousands of pounds will be repaid relating to furniture expenses, gardening costs and home improvements amongst other things in a move which...
Read MoreSimple ways to save money : Shop online
There is no doubt that the last two years has seen a significant increase in the number of people who are shopping online, but there are still many people in the UK who are frightened of the Internet. Despite the fact that Internet access is available to the vast majority of homes across the UK are still many people who have inbuilt fears about purchasing online with fraud and ID theft amongst the...
Read MoreNNC calls for an end to misleading green energy claims
The National Consumer Council (NCC) and energywatch have put their weight behind proposals for a government-backed green energy accreditation scheme, to put an end to potentially misleading claims over 'green' energy tariffs.According to NCC research, two thirds of people say they would consider switching to a green energy tariff, but, only around one per cent have done so - the NCC and energywatc...
Read More