80 percent of Britons are worried about the increasing price of living, with the cost of essentials such as food, drink and clothing continuing to rise as Brexit worries kick in.
59 percent of Bitains are most worried about the soaring cost of groceries, according to a poll for Mintel’s 27th annual British Lifestyles report, which found that consumer spending edged up 3.7 percent last year to £1.2 trillion.
Despite the fact that price rises were seen across all sectors, fast-moving consumer goods took the biggest hit, partially due to the impact of deflating supermarket prices as the price war between the Big Four supermarkets continues.
“Our research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets,” said Jack Duckett, the senior consumer lifestyles analyst at Mintel.
“However, broader consumer confidence is still relatively strong. Despite rising prices, most people still expect their finances to hold up well over the next year. It’s the bigger picture issues that the UK faces, such as the NHS and the economy, that are the main concern, rather than people’s own finances.”
UK inflation increased to 2.7 percent in April, the fastest rate of increase since September 2013 and outstripping wage growth.