The cost of living in the UK is rising, and there are a number of reasons for this. By trawling this website https://www.deadlinenews.co.uk/2022/03/04/uk-cost-of-living-sees-fastest-increase-in-30-years/ we have a few ideas why the price of living in the UK keeps on rising, and we will discuss some of the main factors that are causing the cost of living to go up. We will also look at protecting yourself from these increases and keeping your costs down.
National Inflation
The UK is facing rising inflation, defined as a general increase in prices measured by the Consumer Prices Index (CPI). The CPI measures changes in the price of a basket of goods and services bought by households.
The Office for National Statistics (ONS) released data showing that UK inflation reached its highest level since September 2013, with the CPI rising by 0.70% in February 2017. This is up from 0.50% in January and means that prices have increased by more than half a percentage point in two months. The main driver of this increase has been rising food and fuel prices, which are both critical components of the CPI basket.
War
With the war in Ukraine, the price of goods exported from Russia has increased, which has raised the cost of food in the UK as we import a lot of our food from Russia. The price of oil has also increased due to tensions in the Middle East, leading to higher fuel prices.
The weak pound also contributes to rising prices as it makes imported goods more expensive. The pound has fallen by around 15% against the US dollar since the Brexit vote in June 2016, making imported goods more expensive.
How to Protect Yourself from Rising Prices
There are a few things you can do to protect yourself from rising prices:
- Buy in bulk: Buying in bulk can help you save money as you will get a discount for buying larger quantities.
- Shop around: Don’t be afraid to shop around for the best deals on food and household items. There are always deals to be found if you look hard enough.
- Grow your own: If you have the space, why not try growing your own fruit and vegetables? This can be a great way to save money on your grocery bill.
- Buy generic brands: Generic brands are usually much cheaper than big-name brands, and they often taste just as good.
- Cut back on luxuries: If you’re feeling the pinch, cut back on luxuries such as nights out, weekends away, and new clothes. Just because the cost of living is rising doesn’t mean you can’t still enjoy life – it just might mean making some adjustments to your lifestyle.
We hope this has given you a better understanding of why the cost of living is rising in the UK and how you can protect yourself from these increases. Stay tuned for more.…