Hello everyone
It seems that inflation has finally caught up with us. After years of having only between 2 - 3% inflation that it has finally caught up and now we closed 2022 with 11% inflation.
Of course 11% is an official number on average but you realise that there were some very important things that went up a lot more than that.
Taken from this article in the Guardian written in October 2022 https://www.theguardian.com/business/2022/oct/19/uk-inflation-which-goods-and-services-have-risen-most-in-price
You can see from the table that milk went up 42.1%, Butter 28.0%, Pasta and couscous 22.7%, Olive oil 27.2%, Eggs 22.3%.
Energy with Gas up 102.2% and Electricity 54.0%. (You may of noticed that, like myn, that your energy bill go up a lot more than this though
These are every day items that dwarf that 11% inflation rate.
And most peoples wages would of been lucky to go up 5%.
Whilst as of today, we are not officially in recession, Government figures and admissions are always between 3 to 6 months behind. Everyone knows that we are already in a recession.
The real question is how long will it last? Unfortunately, no one knows for sure, but rest assured that NOTHING LASTS FOREVER. There is nothing new in the universe, and mankind has lived through recessions before. When they occur, we have to batten down the hatches and wait for them to blow over.
Saving Money
You may need to curb your spending and save money to help with the extra cost rise. Martin Lewis at www.moneysavingexpert.com has some great articles on this. Some areas to look at are: Heating: With the massive rise in energy prices heating can now be very expensive, I am not saying to freeze of course but it may be an idea to lower your thermostat by 1 or 2 degrees to make savings.
Food shop: Food is another area that inflation has hit in the last couple of years. A good way to save money is to be a conscious shopper. Only buy what you need, don't be fooled by those offers on chocolates, biscuits, and other stuff you don't need. Secondly, have a look at the supermarket's own brand products instead of the big brands. Big brands pay more for advertising and that money has to be recouped from somewhere.
Insurance: It hardly ever pays these days to stay loyal, shop around when your insurance is due. The comparison sites make this easy now a days. Funny how when you get a cheaper quote and threaten to leave an insurance company they very quickly are able to reduce the price. This is true for broadband or satellite tv as well.
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