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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.

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