UK’s inflation and Cost of Living

 

Inflation is the gradual increase in the price of something. It is a measure of the rate at which a set of prices rises over a given time period. 

The Office for National Statistics (ONS) in the United Kingdom calculates this by recording the prices of hundreds of everyday items, known as the “basket of goods.” 

This is always being updated. Items like tinned beans and sports bras were added in 2022, reflecting a growing interest in plant-based diets and exercise. 

The Bank of England has warned that inflation could reach 10% within months as the cost of fuel and food puts a strain on household budgets.

At the moment, the most significant contributor to inflation is fuel costs. Between February and March, average gasoline prices rose 12.6p per litre, the largest monthly increase since records began in 1990. 

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