Will the rise in inflation affect the price of your food shop, mortgage or transport costs? Here's what families need to know.
The UK inflation rate has risen for the first time this year – and it’s bad news for families. Official figures show that overall prices rose by 2.2% in the 12 months to July 2024.
To make it easier to understand, they use a ‘basket of goods’ and services – such as housing, transport and leisure – to measure price rises, known as the Consumer Price Index . What is in the basket changes regularly, depending on demand. In 2024, they added air fryers, gluten-free bread and vinyl records.
But the July 2024 increase is the first time the inflation rate has gone up, rather than fallen, this year. And it’s less well-off households who were hardest hit, as the sharpest price increases applied to cheaper brands. How will inflation affect my household? Everybody spends money on different things, but to get a true picture of how it will affect you directly, there is a tool you can use.
It will also break down which items are costing you the most and what you might be able to cut back on. Experts are predicting further cuts later this year. Higher rates can be good for savers, but lower interest rates can reduce the costs of mortgages and loans.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I sold a 25p car boot sale buy for £45 – I’m an ordinary mum on a mission to make £6.5k to splash on famil...I’m an ordinary mum on a mission to make £6.5k from easy side hustles… I’ll splash out on family holidays & a new garage
Read more »
UK inflation rate rises for the first time since December – what it means for your money...What is inflation and what does it mean for me?
Read more »
Grocery inflation rises for first time since March 2023 - as £10m spent on Euros final beerThe Euros, Olympic Games and warmer weather helped boost spending in shops, according to closely watched industry data. Vitamins, supplements, drinks and chocolate were among the goods that saw the fastest price rises - but other popular goods are cheaper than they were.
Read more »
Deliveroo achieves first ever profit as average customer spend risesThe online platform made £1.3m profit in the first half of this year, results revealed on Thursday. It comes as the industry comes under growing pressure to improve pay for delivery riders.
Read more »
Rio Tinto Eyes Copper Takeover as First-Half Profit RisesRio Tinto's profit increased slightly in the first half of the year as the mining behemoth explores copper acquisition opportunities to capitalize on rising prices.
Read more »
Ryan Thomas on first Manchester home as he issues advice to first time buyersThe former Coronation Street star bought his first home at the age of just 18
Read more »