Food and oil prices are set to decrease in the coming months, a financial advisory firm has predicted.
Adrian Lowcocks, senior investments advisor at BestInvest, stated that the potential recession will result in a fall in gas and oil prices, which will eventually cause utilities, food and fuel to become more affordable.
The news could be welcomed by those struggling with credit card debt or other financial issues, as it may mean living costs decrease during 2009 following the rise in prices this year.
“People will find they will start feeling a little bit better off … or find things a little bit cheaper next year,” Mr Lowcocks explained.
However, he noted that customers “are still feeling the pinch” due to the delay in price decreases being passed on to consumers.
Recent research by Legal & General has revealed the vast majority of Britons have cut back their spending due to the credit crunch, with 93 per cent reducing their outgoings in order to save money.
By Tom Musk