Families right across the UK will find balancing their financial budgets slightly more difficult this year as the cost of living continues to soar.
With increasing prices at every angle, millions will really feel the squeeze from April, when national insurance and inflation hikes come into effect.
Not only are petrol prices on the rise, much to the dismay of motorists, but bills for electricity, gas, mobile phones, and council tax are also rising at a time when food prices are similarly going up.
READ MORE: The simmering land dispute that exploded into violence and mayhem
Energy Bills will increase after Ofgem was forced to hike the energy price cap to a record £1,971 for a typical household on a standard tariff as gas prices soared to unprecedented highs.
National Insurance contributions are due to go up by 1.25% in April as consumers face mounting cost-of-living pressures.
Bills for O2 and Virgin Mobile customers are to increase by up to 11.7 per cent and m illions of Sky customers faces rises of £43 extra a year.
Water bills are set to rise from April as is council tax.
According to the Mirror, the price of supermarket food is also set to rise even further following news of the Russian invasion of Ukraine.
Canned goods and sunflower oil are due to increase in price, but all supermarket goods could rise too due to soaring costs of petrol and fertiliser.
Even before the war, supermarket shoppers have been warned to brace for an increase in their annual grocery bill thanks to the national living crisis.
But the Russian invasion of Ukraine threatens to increase food bills even further.
What could be impacted?
The Mirror reports that the price of wheat costs could rise as a result of the war. The average Brit gets about 30% of their calories from grains like wheat, according to 2021 government figures.
Fortunately, the UK is "largely self-sufficient" in grain, a government report said last year. We grow around 90% of the wheat we eat a year, so shortages are unlikely.
But much of that growth relies on fertiliser, prices of which are already increasing which could be passed on to consumers at the tills.
There is a chance that prices of cooking oil could increase too as Russia and Ukraine produce around 80% of the world's sunflower oil.
The UK grows enough oilseeds for 80% of our needs, but has to import the rest.
The cost of canned foods could rise this year because the metals used to make the cans is the issue, as aluminium and nickel prices have gone up 30% in 2022.
The UK produces most of the meat, eggs and dairy it consumes, but we still import around 46% of our food from overseas which has to be transported - the cost of which is also increasing due to oil prices.
Rises in oil prices will increase the cost of farming and harvesting food, as well as transporting it to shops.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
