Monday Aug 19, 201306:11 PM GMT
Food, energy prices soaring dramatically across Britain
Wed Jun 5, 2013 10:7AM
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A major new report has revealed that Britain is suffering an abrupt increase in food and energy prices than anywhere in Europe, local media said.


The rise comes as the crippling squeeze on household finances continues to take toll across the country, British media outlets reported.

The report by the Organisation for Economic Co-operation and Development (OECD) said Britain’s food prices in April were 4.6 percent higher than in the same month last year, while energy prices were up 2.2 percent.
As families are struggling to make ends meet, the rate of inflation also continues to climb as compared with elsewhere in Europe, according to the report.
Inflation has been above the Bank of England's 2 percent target since late 2009 as the cost of everyday essentials such as food keep soaring, the report added.

This comes as household energy bills have also jumped sharply higher in recent years - eating into household budgets at a time when wages are growing only very slowly, if at all.

The increasing cost of living threatens to undermine the fragile economic recovery as consumers find themselves with less to spend each month. It also puts Britain at a disadvantage to the rest of Europe and the United States.

“Times remain tough, but it seems retailers are reading the market well and doing what they can to offer customers the best possible value on their shopping”, said Helen Dickinson, the director general of the BRC.

MOL/HE
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