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Feb 14, 2024 · The cost of living has risen in the UK and across the world since 2022. Food and energy prices rose markedly, particularly gas prices, partly in response to the conflict in Ukraine....
- Inflation and the cost of living for UK households, overview ...
Between 25 May and 5 June 2022, 88% of adults reported that...
- The rising cost of living and its impact on individuals in ...
Around 9 in 10 (87%) adults reported an increase in their...
- Inflation and the cost of living for UK households, overview ...
- Kathryn Keane
- CPI, CPIH and HCIs have all seen sharply increasing inflation in recent months. 12-month growth rates of CPI, CPIH and HCIs, UK, January 2006 to May 2022.
- Higher income households have seen higher rates of inflation than lower income households over recent months. 12-month growth rates of HCI and CPIH for second and ninth income decile households, UK, January 2006 to December 2021.
- Transport has contributed more to rising inflation for higher income households than lower income households over recent months. Contributions to the 12-month growth rate of HCI for the second and ninth income deciles, UK, October to December 2021.
- High price growth for crude oil has fed through to price growth for petroleum products and fuels and lubricants. 12-month price growth for crude oil in Input PPI, petroleum products in Output PPI and fuels and lubricants in CPIH, UK, January 2020 to May 2022.
- Unable to Afford An Unexpected Expense
- Borrowing and Use of Credit
- The Ability to Save
The trend in adults reporting that they could not afford to pay an unexpected, but necessary, expense of £850 has remained relatively stable from 3 to 14 November 2021 (27%) to 16 to 27 March 2022 (29%). While this measure of financial vulnerability has remained stable, there are significant differences across different personal characteristics. Pr...
In March 2022 (16 to 27 March 2022), 17% of adults reported borrowing more money or using more credit than they did a year ago. Despite reported increases in the cost of living, this measure has remained relatively stable since November 2021 (3 to 14 November 2021). A potential explanation of this is the use of savings to cover usual bills. Data co...
While most adults are not reporting an increase in borrowing and the use of credit, the ability to save is being eroded by increases in the cost of living, ifearnings are not increasing at the same rate.In March 2022 (16 to 27 March 2022), 43% of adults reported that they would not be able to save money in the next 12 months. This is the highest pe...
Jul 11, 2024 · The cost of living increased sharply across the UK during 2021 and 2022, affecting the affordability of goods and services bought by households. The annual rate of inflation peaked at 11.1% in October 2022, a 41-year high, before subsequently easing over the subsequent 18 months.
Dec 29, 2021 · Millions of families are facing a "year of the squeeze" in 2022, a think tank has warned. The Resolution Foundation predicts higher energy bills, stagnant wages and tax rises could leave...
Dec 15, 2023 · Published on 30 November 2022. Our latest survey of British household finances shows that households are responding to the cost of living squeeze in different ways. In particular, higher-income households are reducing their monthly savings to cut back spending by less.
The cost of living increased sharply across the UK during 2021 and 2022. The annual rate of inflation reached 11.1% in October 2022, a 41-year high, before easing in subsequent months. The inflation rate reached the Bank of England’s target of 2.0% in May 2024.
