While inflation has fallen to 4.6%, shopping basket staples have risen sharply in cost since October 2021, before the cost of living crisis hit, with extreme weather conditions blamed for price hikes . The lowest rate for two years, shopping basket staples like sugar, eggs, and olive oil have continued to rise sharply in cost since October 2021.
The inflation rate is also slowing, according to Tuesday's official figures, but prices in general are around 30 per cent higher than they were two years ago, according to the Office for National Statistics (ONS). Household budgets are being squeezed due to the war in Ukraine, the weakness of the pound, extreme heat, flooding, and rising energy bills among factors that hit prices. As a result, the average price of a bottle of olive oil has almost doubled from £3.72 to £7.16, an increase of more than 90 per cent, as shown by ONS figures
Source: Energy Industry News (energyindustrynews.net)
Inflation Shopping Basket Staples Cost Price Hikes Weather Conditions Inflation Rate Household Budgets War In Ukraine Weakness Of The Pound Extreme Heat Flooding Rising Energy Bills Olive Oil ONS Figures
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