The cost of living crisis continues to impact the British economy and common people despite indications that the inflationary pressures might have been easing.
Recent trends show how common people are suffering. Local reports have mentioned that prices for olive oil, sugar and low-fat milk have surged with food costs.
A report by Bloomberg highlighted the impact of the overall rate of inflation on the price of a full English breakfast. The report states that it will increase.
Referring to its Breakfast Index, the report stated that the average cost of ingredients to make a traditional fry-up soared by more than 22 per cent from a year earlier in January.
The Office for National Statistics (ONS) said in a statement that the UK Consumer Prices Index (CPI) fell to 10.1 per cent in January compared with a rate of 10.5 per cent in December.
Matt Hood, who is managing director of Co-op Food, said prices continued to rise in January as costs for grocers did, which made it “incredibly tough”.
He told the BBC’s Today programme: “Inflation is the thing that keeps us up at night. Believe it or not we as retailers are trying our hardest not to flow it all through to our customers.”
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For the unversed, this comes as the official data showed on Wednesday that the annual inflation dropped further last month on easing transport costs, however, it remains above 10 per cent.
Sharon Graham, general secretary at major British union Unite, said: “These latest figures show the cost-of-living crisis is still pummelling workers’ pay packets. Unite will continue to fight for and win better wages in the face of this crisis,” she added in a statement.
(With inputs from agencies)
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