Half the population are struggling with the rising food costs and higher electricity and gas prices.
New research out today reveals that nearly half the population of households are struggling to make ends meet. Of those people, 67% people blame rising food costs and 58% blamed higher electricity and gas prices.
As we enter the run up to Christmas this research shines a light on the decision thousands of families are having to make right now; do we turn the heating on and spend money we can’t afford or do we pile on the jumpers and huddle on the sofa together to keep warm?
The Cost of Living
A significantly higher number of people blamed food and heating costs over financial factors such as credit cards and mortgage repayments. This news comes as figures show that inflation stays stuck at 2.7%.
The rising cost of food was the main factor behind the inflation figure, and with the heavy reliance many families are facing on food banks this year it’s clear that the price of our essential food shopping is not affordable for most of us.
With this in mind, many families may be having a very different Christmas dinner this year. The average Christmas dinner costs a huge sum of £129.47, an increase of 14% over the past five years.
Gas and Electricity Price Hike
It’s not just food prices that have seen a sharp increase. Gas and electricity bills saw a 1.8% rise last month alone and this isn’t including the price increases many of the big suppliers have just announced.
British Gas announced a price increase of around 6%, EDF announced a 10.7% increase, Scottish Power announced an increase of 7% and Eon has announced a 8.7% increase for January 2013.
These price hikes will be adding an average of £100 to an annual bill. [polldaddy poll=6780097]
See below for what people are saying about this on Twitter:
Struggling to make ends meet
Rising living costs are weighing heavily on families finances with half of the population struggling to make it to their next payday. Worryingly, there doesn’t seem to be any light at the end of the tunnel going forward into 2013.
How have the rising costs affected you and your family? How have you tried to overcome the price increases in food and heating bills?