Inflation Forcing Britons to Spend Extra 500 Pounds Each01:12 - Tuesday 03 April 2012 - In Categories UK News, Money, US Videos
High inflation and stagnant wages have forced Britons to pay an extra £500 each year for goods and services, according to a government report.
Figures from the Office for National Statistics reveal that although households bought the same amount of products in 2009 and 2011, prices increased by around 8%, or £470 per person each year.
The findings revealed that between January and April 2011, households bought 9.3% less ‘essential’ food and non-alcoholic drinks, but paid 10.3% more for them, compared with the three months leading up to July 2008.
ONS analysts also found the amount of food and drink households purchased in 2011 fell to its lowest since 2002.
Ever wondered how the country got itself into such a financial mess? Some of the reasons are explained in Channel 4 documentary Britain’s Trillion Pound Horror Story. Watch it here