What is the extent to which the UK’s cost of living increased this year? This chart will tell you everything you must be aware of
The soaring prices for energy as well as inflation combined with the fact that incomes haven’t increased by the same amount and that means that millions of people in the UK are at risk of not having what they require to live an adequate standard of living this winter, as per the Joseph Rowntree Foundation.
The level of inflation in the UK is revealed by the latest report of the foundation which reveals that an individual working adult in the UK must earn at minimum PS293.28 per week to meet the minimum standard of living. This represents an increase of 26.8 percent increase over 2021, when an average adult required PS231.33 each week. This does not include childcare or rent therefore, in reality, the prices that consumers will have to pay are more expensive.
The chart below provides an overview of the amount the average person working will spend on clothing, food, transportation as well as social and household items during the week according to Foundation’s research. Domestic gasoline has more than doubled in price since the previous year, while the price of food and beverages has increased by almost 1/3 as much. The expenses of cultural and social events are also up by approximately 45 percent.