Rising inflation hits UK’s rich and poor alike

London — Britain’s rich and poor alike are experiencing surges in inflation, official data showed on Friday, though soaring food and energy prices mean low-income households stand less chance of avoiding the hit from rising prices.

The ONS said low-income households experienced annual CPI of 5.3% in December, while high-income households faced inflation of 5.5%. A Reuters analysis of household spending data suggests that the inflation faced by low-income households is skewed towards essential spending on food and shelter, leaving them less able to adapt to increases in those prices.

Food prices rose by 1.4% in December alone, the biggest rise for nine years. Prices of meat, vegetables and bread and cereals each jumped by more than 2% in month-on-month terms. She has argued that in attempting to capture a representative price for a given item — say a tin of baked beans — the ONS misses out big price moves in the cheapest tins which tend to be bought by the poorest households.

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