The cost-of-living crisis has left many families financially struggling in the last 12-months.
Salaries not increasing at the same time as inflation has left many on the brink of despair, with households turning to foodbanks and government aids for extra help.
UK residents have been struggling to make ends meet, due to the soaring cost-of-living reflecting in many every-day necessity pricing such as food, general shopping needs, transport and household bills.
Some key areas of spending in the UK include food and non-alcoholic beverages, which have increased by a staggering 13.1% inflation rate, furniture and household goods by 10.2% and transport by 12.4% – all factors which are key to daily life for many people. .
The overall CPIH, Consumer Prices Index including owner occupiers’ housing costs, on all items, has increased by 8.6% on average. A few other key areas of spending are highlighted.
Based on 12-month comparison using Office of National Statistics data between September 2021- August 2022, the total Price Inflation facing consumers was 9.9%, whereas the total pay rise during the same period was only 5.5%.
These statistics demonstrate a detrimental 4.4% difference between Consumer Price Inflation and Total Pay Rises.
With the cost-of-living crisis not showing many signs of slowing down, the rate’s 4.4% gap reflects why residents in the UK are having a hard time being able to afford their daily necessities due to salary rises not matching the increasing inflation.
Danielle Farrell owner of Victory Outreach Liverpool, Church and Food Bank, said “As of recently since the cost-of-living crsis the numbers of people visiting our food band has definitely increased. We’re looking at providing a daily service with no cost, allowing people to come for 2 hours per day and get food as we have food donations.
“A local secondary school has also approached us because they donate food to children and their even their staff.”