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Institute for Fiscal Studies:

‘UK cost of living could rise at fastest rate for 30 years’

According to a study from the Institute for Fiscal Studies, the UK budget spelled a “worrying outlook for living standards”, warning that rising inflation rates and higher taxes would cancel out any increase in wages. The economic forecaster warned that the cost of living could rise at its fastest rate for 30 years.

The Office for Budget Responsibility said that inflation could reach almost 5 per cent. High inflation means that the cost of living goes up, as the prices of goods such as food and energy increase.

According to the British Retail Consortium, food prices are rising more quickly than expected. UK citizens were forced to pay nearly £6 more on their shopping over the past month than during the same period in 2020 because of rising inflation.

According to market insights firm Kantar, grocery prices rose by 1.7 per cent during the past four weeks compared to 2020, leaving the average shopper paying an extra £5.94.

This projection largely focuses on the worker and HGV driver shortages, rising energy costs and additional costs from Brexit, all of which make goods more expensive to produce and distribute to supermarkets. This in turn can cause price hikes.


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