The cost of inflation in the UK is increasing by 1700 Pounds per year.

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Inflation is now one of the leading causes of headaches in the world, along with corona. Inflation is spiraling out of control in many South American countries, including the United Kingdom, the United States and Europe. According to a recent forecast on the BBC's Panorama program, given the rising cost of living, a typical UK household will have to spend 1,700 more next year than before.

 

According to a Panorama analysis conducted by the Center for Economics and Business Research (CEBR), inflation in the UK is expected to rise to 4.6 percent ahead of Christmas. This increase is mainly due to higher fuel prices.

Analysts say the full amount of rising costs has not yet reached supermarket customers. Because the supermarkets are trying not to increase the prices for the customers during this festival. They are doing it even if they have to count money from their own pockets. Because, at this time, they do not want to take the risk of losing customers. 

A typical family of two adults and two children will spend at least 33.60 a week more than in December 2020. In other words, inflation will add 1,700 a year to their expenses.

The forecast is based on prices of food and beverages, clothing and household items, as well as commonly purchased products, according to BBC Panorama. However, it also includes the service costs of different types of fuel. In addition, there are issues such as transportation costs, travel expenses.

The BBC says spending patterns will remain the same as in previous years. Inflation will remain at 4.6 percent. At present this rate is 4.2 percent. Experts fear that inflation could rise further in the spring of 2022, putting further strain on household spending. 

BBC Panorama has made a general list of daily commodity prices that will rise. According to the report, prices of margarine (a type of butter) will go up by 15.6 percent, yogurt by 9.6 percent, mutton by 6.5 percent, butter by 6.4 percent, and fruits by 1.9 percent. In addition, the prices of some Christmas products will increase, while many will decrease.

Why prices are rising

1. Demand for oil and gas is driving up global fuel prices
2. Shortages of many products are causing supply problems and raising prices
3. Government support for businesses during the epidemic is now coming to an end
4. Traders are struggling to recruit workers. This is partly due to the epidemic and some of the complications of Brexit.

 

What people are thinking

Andrew Sally, chief executive of Beed Foods, the UK's largest food distribution company, says he has never been more familiar with the current state of affairs.

Nicki Rushin, a nurse in Nottinghamshire, told BBC Panorama that inflation was worrying her. "We have to be very careful," he said. We try to be very careful about food. We budget, we think, we can buy whatever we want. '

Richard Mobre, commercial director of TH Clement, a vegetable supplier, said his business had suffered from a shortage of seasonal workers from Europe.