The most reported reasons for this were the price of food shopping (92%), gas or electricity bills (69%), the price of fuel (54%) and rent or mortgage costs (16%).

In a Public Opinions and Social Trends report, the ONS found that during the period 15^th to 26^th November 2023, around nine in 10 adults in Britain see the cost of living as an important issue facing the UK.

As part of its wider report, ‘Impact of increased cost of living on adults across Great Britain: July to October 2023’, the ONS found that 5% of adults reported running out of food and not being able to afford more. This proportion was 8% among parents living with a dependent child and 13% among renters and increased to 21% among renters who were parents living with a dependent child (Opinions and Lifestyle Study).

Additionally, over one quarter (27%) of households reported that they did not have enough savings to cover a 25% fall in household employment income (Wealth and Assets Survey).

FOOD PRICE INFLATION

The reported experiences reflect inflation data, which shows that prices (Consumer Price Index) rose by 4.6% in the year to October, down from a peak of 11.1% in October 2022.

While there was an easing in the food and non-alcoholic beverage prices from a peak of 19.1% in the year to March 2023, food prices remained high at 10.1% in the year to October 2023.

Food price inflation continues to be at historically high levels and it was recently revealed that approximately three-quarters of branded suppliers have pushed up prices by more than their costs increased, subsequently contributing to higher food price inflation.

Around one in 20 adults reported that, in the past two weeks, they or their household had run out of food and could not afford to buy more.

When looking at the groups less likely to be financially resilient, the ONS found those more likely to report this included renters (13% compared with 2% of mortgage holders); disabled adults (8% compared with 3% of non-disabled adults); adults living in a household with one adult only and at least one dependent child (26% compared with 5% among adults living in a household with more than one adult and at least one dependent child and 4% among adults not living with a dependent child); and Black, African, Caribbean or Black British adults (10%) compared with White adults (5%).

The post Almost 50% of adults report their cost of living increased in a month first appeared on Neighbourhood Retailer.

The Consumer Price Index rose by 6.7% in the 12 months to August 2023, down from 6.8% in July and is the third consecutive month that the figure has dropped, according to the Office for National Statistics (ONS).

The slight easing in the annual inflation rates in August 2023 principally reflected offsetting contributions across six divisions. Large downward effects from restaurants and hotels, food and non-alcoholic beverages, recreation and culture, and furniture and household goods were partially offset by upward contributions from transport, and housing and household services.

Food and non-alcoholic beverages prices rose by 0.3% between July and August 2023, compared with a rise of 1.5% between the same two months in 2022. This resulted in an easing in the annual rate to 13.6% in August 2023, down from 14.9% in July and a recent high of 19.2% in March this year, which was the highest annual rate seen for over 45 years.

The easing in the annual rate for food and non-alcoholic beverages between July and August this year was driven by relatively small price movements from seven of the 11 detailed classes. The largest downward contributions came from the milk, cheese and eggs, vegetables, and fish categories.

The overall price of vegetables fell between July and August 2023, compared with a price rise between the same two months of 2022. As a result, the annual rate eased from 16.7% in July to 14.0% in August 2023.

Similarly, fish prices fell this year but rose a year ago, leading to a slowing in the annual rate from 13.4% in July to 6.8% in August 2023. The effect came from across the range of fresh, chilled, frozen and processed fish and seafood.

ONS Chief Economist Grant Fitzner said: “The rate of inflation eased slightly this month driven by falls in the often-erratic cost of overnight accommodation and air fares, as well as food prices rising by less than the same time last year.

“This was partially offset by an increase in the price of petrol and diesel compared with a steep decline at this time last year, following record prices seen in July 2022.

“Core inflation has slowed this month by more than the headline rate, driven by lower services prices.”

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