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    • #1241
      Thomas Carr
      Keymaster

        The ‘cost of living crisis’ refers to the fall in ‘real’ disposable incomes (that is, adjusted for inflation and after taxes and benefits) that the UK has experienced since late 2021 – Institute for Government. Essentailly, prices have risen due to multiple factors all coming together to make a ‘perfect storm’.

        Many factors have influenced our spending habits and caused financial constraints on everyone over the last couple of years such as Covid, Weather, Environmental Concerns, Agriculture, Commodities prices and the War in Ukraine. Forbes

        Due to this ‘perfect storm’ the price of the following things has risen dramatically
        – Household costs including services – which mainly means gas and electricity
        – Fuel costs – the cost of filling the car or van with petrol or diesel
        – Food costs

        Sadly we might not see a great increase in wages anytime soon with household incomes might not start rising again until the second half of 2023, when inflation drops back. Therefore we may not see a return to current levels until 2024.

        There is another topic I have created on this forum with some tips and information on how to save money, feel free to check that out and if you have any ideas please get involved in the discussion

        • This topic was modified 1 year, 4 months ago by Thomas Carr.
        • This topic was modified 1 year, 4 months ago by Thomas Carr.
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