Rising living costs will make a bigger dent in our wallets than ever before this Christmas, according to the latest news on costs for a family household these days. The rising costs of groceries, fuel and power alone have made life over £400 a year more expensive for the average family, and most households will be feeling the pinch of this increase in the run-up to Christmas.
The average amount spent by a family on food rose by £1.60 a week, to £54.80. The average amount spent on filling the car with petrol was up £3.30 a week to £24.90, and the cost of housing, electricity and power was up £2.90 a week to £63.30.
In the single month of December, those rises alone will take an extra £30 or more out of your pocket this Christmas.
No wonder that the fastest-growing sector in retail for the past few years has been ‘pound shops’, and no wonder that payday loan companies are doing such a roaring trade that government is now moving to limit the profits they make!
The figures were released this month by the Office for National Statistics (ONS), and reflect living costs last Christmas, compared to what they were a year earlier.