Rising cost of essentials continues to hit those on the breadline hardest

interactive investor comments on figures from the British Retail Consortium on shop price inflation.

Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “Shop prices have accelerated at their fastest pace since the global financial crisis, hitting those on the breadline hardest.

“Our shopping baskets are increasingly weighing down our wallets because of some eye-watering rises in the prices of everyday essentials. Something as simple as fresh fruit and cheese have seen a sharp rise in price because of the spiralling cost of fertiliser and animal feed.

“We are all increasingly feeling the brunt of runaway food inflation as retailers struggle to absorb the full extent of the cost pressures arising from more expensive transportation, labour shortages, and rising commodity and global food prices.

“The outlook for consumers is bleak, with energy bills set to spike again in autumn, while the tragic war in Ukraine is likely to further drive up food costs, the price of energy and other goods, exacerbating the cost-of-living squeeze on household budgets.

“With the cost of seemingly everything on the up, it can be difficult to gauge how and when your finances might be hit, so it remains important to pay extra attention to your financial well-being and consider what protective steps you can take now to avoid money worries later.

“Making use of supermarket loyalty cards and schemes can go a long way in offsetting price increases. Most loyalty initiatives offer worthwhile savings ranging from exclusive discounts for members to freebies by earning points. Every little helps amid the biggest fall in living standards in generations.”