Falling property prices are the least of our worries
According to recent research by retail analysts Verdict, supermarket food is around 5.8% more expensive than it was at the start of the year. Even more disturbingly, it thinks that the price of our weekly groceries will continue to rise even further.
Is it just me, or is this one of the most worrying headlines yet?
We seem to be bombarded with gloomy headlines about the state of our economy. The property market for example, is in dire straits. House prices are falling at record speed, whilst mortgages are getting more and more expensive (if you’re lucky enough to get one, that is). Oil prices continue to hit record highs, hitting motorists hard in the pocket when they come to fill up – and then we get stung again when we come to heat our homes.
I own a home back in Norwich, my lodger helps me make ends meet on my mortgage. My home is worth roughly what I paid for it two years ago, and hopefully I’ll be able to ride out the storm. Although I don’t drive, I’ll be forced to scrimp and save to be able to see myself through winter, and taking a holiday this year is definitely out of the question. But expensive food? Oh dear.
I’ve noticed the price of my weekly groceries shoot up over the past year. Most noticeable has been the price of bread (£1.80 roughly), eggs (£1.40) and milk (over a pound!). I’ve had to cut down on some of my regular purchases just to keep my weekly shop under the £25 mark - gone are expensive razor blades and that monthly Empire magazine (I like my films) and weekend newspaper.
Beer has also shot up astronomically (cheers Darling), and if I was a smoker I’d really be feeling the impact of £6.50 for 20 cigarettes!
Oh well, we’re all in the same boat - but I guess I’m lucky in that I'm in full-time employment in the wonderful City of London. But I really think the government needs to scrap the planned rise fuel duty this October, and start making some serious efforts to bring down inflation. But even more important, something needs to be done for our pensioners - and quick - else this winter really will be one of discontent!
Liam Tarry is the staff writer at Moneywise