Oluwanifemi Ojo
Following the lifting of the Covid restrictions and the tensions between Russia and Ukraine, millions of people are facing financial difficulties in the United Kingdom due to the rising cost of living.
The BBC reported that although inflation fell to 10.5% in the year to December from 10.7% in November, and petrol and diesel costs eased last month, food prices continued to soar, reaching the highest since 1977.
According to the Office for National Statistics, the price of food rose 16.8% in 2022 with basics such as milk, cheese and eggs experiencing the largest increases.
The publication added that prices for sugar, jam, honey and chocolate as well as soft drinks and juices also jumped. However, price growth slowed for bread and cereals.
The inflation decline to 0.2% from the 10.7% that it was in November could be traced to the cost of petrol and diesel that was eased during this period.
Philip de Ternant, a food wholesaler in Cheltenham, expressed that a “tsunami” of food price increases occurred last year as the cost of baked beans, and tinned tomatoes have risen by 50%.
Some analysts believe that the cost of living may now slowly be beginning to ease after hitting what is believed to be the peak, of 11.1%, in October.
But at 10.5%, UK inflation is still way above the 2% target the Bank of England is charged with meeting.
The Bank of England has been raising interests since December 2021 to quell rising prices – the are currently 3.5%. The Bank will hold its next rate-setting meeting in February.
