Inflation is the rising rate of costs of living over a given amount of time. And right now, inflation is drastically soaring globally in every field around us. Uncertainty, tension, and anxiety are engulfing society.
Fuel prices
Pump prices have been significantly rising since the November of 2021 and it shows no signs of stopping. A constant rise has made British citizens fear that they can no longer afford to fill up their tanks and consequently their previously comfortable lives are slipping away from them.
Figures from the data firm Experian Catalist show the average cost of petrol at UK forecast on Tuesday was 167.3p, while diesel was 179.7p. That is a huge rise in 18p if you are using petrol and an increase of 20p more for diesel than at the beginning of the month.
Due to the ongoing war between Russia and Ukraine, fuel prices have drastically risen as reports say that in 2021 Russia imports 8% of the UK’s oil demand that are worth 4 billion pounds. A hit the UK somehow has to withstand. People just don’t know how they will be able to afford the continual rise in costs. It is not just about making a few sacrifices, it is about making serious life changes and not being able to travel to day-to-day places.
Food prices
A crisis that affects everyone. A negative impact on the poor and the rich. No one would have dreamt that something like this would happen so suddenly.
Food prices hit a massive 4.3% increase last month, the highest since September 2013, prices of savoury snacks, fresh beef and cat food increasing the most.
The Consequences
As a result, overall sales at supermarkets fell on average last month as a result of families feeling the pinch; households spent on average £26.07 less at grocers. This emphasises the public’s fear of money restrictions in the near future as they purposely under purchasing luxurious products.
The impact doesn’t just hit individuals, it is effecting businesses and their products’ too. For Doritos fans, quick fact: Doritos have 5 less chips in pack due to inflation. How does that feel? Ridiculous, isn’t it?
How does it affect our day – to – day lives?
Europe never thought a day like this would come where people are worried to death (literally). People are looking, day by day, for something to make their lives much more cheerful. Something to make them more joyful instead of the roaming depression that we are now living in but being hit by two storms on the most essential things – food and transport- is the last thing anyone needed.
Politicians are tense, officials are worried, Parents are stressed and children under all of this are uncertain for their future.
Parents had to decrease their standard of living to adapt to the current circumstances and only try to care for the essentials that they need. They can’t get their children around to do something they enjoy and make their day. Larger families are threatened by the idea of hunger.
Chaos is the master of the situation.
Now everyone’s asking What are we going to do now?
Government response
The Government is trying to resolve this crisis.
From sanctions on Putin’s Russia to cutting down VAT taxes on petrol and diesel by 5p (according to reports on the spring statement) because according to Rishi Sunak it will make a more “predictable and stable economy.”
On the short term, it may satisfy the public but no one knows its long term effects. Will it be better or worse? Will by then any new measures would be taken. Again, no one knows. We will have to wait and see the upcoming events and how things turn out
It is a crisis that no one wanted to face. Unpredictable as it is, we have to stand in support for our government to make things better and be proud for our democracy and handling of serious situations, for us and the people nationwide. We will stand together, for the better.
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