Just in time for Christmas, the drumbeat of Brexit economic bad news rolls on. Today’s figures from the Office for National Statistics shows inflation has risen to a near six-year high at an eye-watering 3.1 per cent. This means everything from food, to fuel, to transport, to clothing is becoming more and more expensive. The ONS doesn’t beat around the bush about why inflation is soaring: the main reason is quite clearly the collapse in the value of the pound since the Brexit vote last year. And with average wage growth running well below the rate of inflation, real wages will continue to fall meaning less money in your pocket at the end of each month.
The individual breakdown in price rises reveals some startling statistics: bread is 5.3 per cent more expensive than this time last year, whilst the price of butter is up by over 21 per cent. Fresh fish is up over 11 per cent, whilst coffee is over 10 per cent. Overall, on average, food and non-alcoholic drink prices have risen by 4.2 per cent over the last 12 months. Everyone’s Christmas dinner just got a lot more expensive.
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