The government might be celebrating falling inflation, but higher prices for goods and services are here to stay
Two years ago, a two-litre bottle of supermarket olive oil cost about £7. Step into your local branch today and that same bottle will set you back more than £16. Grab a packet of pasta, or some broccoli, and you will pay 95% and 50% more, respectively, than in 2022. If your car insurance renewal is due, that will be an extra 35%-50%.
The Russian invasion of Ukraine almost 26 months ago set off a chain reaction that caused energy and food bills to jump, and ultimately sent inflation in the UK spiralling, reaching a peak of 11.1% in October 2022, the highest rate in 41 years.
