Due to the cost of living crisis, many households are struggling with the price of basic necessities such as gas and electricity.
Rising prices, especially for food, are hard to ignore and will only get worse.
The Office for National Statistics (ONS) released new figures this morning showing that inflation (the overall rise in prices over time) has reached its highest level in 40 years. rice field.
Consumer Price Index (CPI) inflation surged from 9.4% in June to 10.1% in July.
ONS said the increase was worse than expected in July, with food costs being the main reason for the increase.
Certain types of food and commodities were most affected by price increases. Things to note are:
Today's Top Trends
Which foods will increase in price in 2022?
ONSBeverage prices are a major contributor to rising inflation.
Foods with the most price increases were:
- Bread
- Cereal
- Milk
- Cheese
- Eggs
-
Yogurt
- Meat (especially cooked ham and bacon)
- Vegetables
- Sugar
- Jam
- Syrup
- Chocolate
- Sweets
Bread and cereal Milk, cheese, eggs prices rose the most, contributing 0.04 percentage points to inflation last month.
Meat, vegetables and chocolate were also among the foods most affected by rising costs, contributing 0.03 percentage points to an increase in inflation.
ONS chief his economist Grant Fitzner said: Pet food, toilet paper, toothbrushes and deodorants also pushed up inflation in July.
What is inflation?
Inflation is a general increase in the price of a particular commodity,
It can always change. Usually measured over a one-year period.
The higher the cost of living, the less money you get, the higher the inflation. That is why some feel the impact more than others.
Will inflation rise again this year?
Inflation will fall slightly It is expected to be in August.
However, further increases are expected in October when energy prices spike again. According to estimates. Inflation he could rise 13.3% in two months.
The Bank of England believes this could send the UK into recession and the energy price cap could rise again to £3,640.
Don't miss the latest news from Scotland and beyond - sign up for our daily newsletter HERE .
READ:
Nicola Sturgeon's government "hiding money" amid cost of living crisis
ScottRail services cut again as passengers face the ravages of strikes 108}
Energy price cap could reach £5,300 annually from next April
