Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Prices rise at the fastest rate for over 40 years
Isobel Lawrance
28th Jul 2022
The rate of inflation in the UK rose to 9.4% in June, up from 9.1% in May. The shocking statistics from the Office for National Statistics (ONS) also show petrol prices rose by a staggering 18.1 pence per litre in June alone.
It is not just petrol users feeling the strain either. Although petrol prices stood at an average of 184 pence per litre in June, the highest price since records began over 30 years ago, the price on diesel in the same month reached a shocking 192.4 pence per litre – another record high. These price rises, according to the ONS, are the result of the war in Ukraine and the European Union slowly reducing its dependence on Russian oil.
Although the wholesale prices of fuel have lowered very slightly, the costs are still extortionate compared to this period in 2021. The average family car now costs over £100 to fill, putting an even greater strain on families and individuals alike.
The cost of foodstuffs such as milk, eggs and cheese also rose in June, with struggling Brits feeling the squeeze even more on such food essentials. In fact, the ONS have suggested this is the fastest rate food prices have risen since 2009. It wasn’t just dairy which increased in cost. The price of vegetables and meat also shot up in June.
It is estimated supermarket bills are to rise by approximately £454 this year alone. As the result of increased food prices, restaurant prices have also increased. In the year up to June, restaurant meal prices rose by 8.6%, yet another blow to consumers and subsequently, the hospitality and dining industry.
Although the Chancellor Nadhim Zahawi says the government are doing their best to crack down on inflation, along with the Bank of England, for many consumers, the cost of living crisis is becoming a strain too much to bear.
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