A fresh warning has been issued to anyone who buys pasta, bread or baked beans as their costs have increased by a whopping 50 per cent in just one year. The cost of the value ranges of pasta, bread and baked beans have skyrocketed in the past 12 months as the cost of living crisis takes hold.
They are not on their own as crisps are up by 17 per cent, beef mince is also up 16 per cent. Robert Halfon is the Tory MP for Harlow and he has said: “People are being hit by a cost of living tsunami. I’ve got people working seven days a week so they can feed their families.”
Statisticians chose 30 everyday items that they know the least well-off households regularly buy to get an idea of how inflation is hitting these households. Birmingham Live reports that a government source has said: “We are monitoring the situation very closely.”
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However it is not all bad news as a decrease was found in the price of potatoes (14%), cheese (7%), pizza (4%), chips (3%), sausages (3%) and apples (1%). Despite that inflation hit a 40-year high of 9% back in April as measured by the Consumer Prices Index meaning those in the country who are less well off spend a larger proportion of their income on the basics, such as energy bills.
The Office for National Statistics (ONS) have warned that because the analysis only focuses on the lowest-priced goods the estimates are based on a very small number of price quotes. As a result the data is very sensitive to changes in just one item.
The ONS said: "The available products represent the retailer's online catalogue, rather than the range of products available or bought in local stores that month."
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