{"id":18189,"date":"2022-03-31T23:10:05","date_gmt":"2022-03-31T23:10:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/five-reasons-why-prices-and-bills-are-going-up\/"},"modified":"2022-03-31T23:10:05","modified_gmt":"2022-03-31T23:10:05","slug":"five-reasons-why-prices-and-bills-are-going-up","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/five-reasons-why-prices-and-bills-are-going-up\/","title":{"rendered":"Five reasons why prices and bills are going up"},"content":{"rendered":"
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Millions of people across the UK are being hit by a cost of living crisis as rising energy bills begin to weigh on family finances and prices in shops soar.<\/b><\/p>\n<\/div>\n

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Much has been said about the squeeze on our budgets, and relatively few people will emerge unscathed with their personal finances.<\/p>\n<\/div>\n

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April is a key month as many of the major changes and bill increases take effect this month.<\/p>\n<\/div>\n

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inflation <\/b>is the rate at which prices are increasing. If a bottle of milk costs \u00a31 and that goes up by 5p then milk inflation is 5%. The optimal level and target for the Bank of England is an inflation rate of 2%.<\/p>\n<\/div>\n

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This first chart shows how inflation – which represents the rising cost of living – is at its highest level in about 30 years. Official figures show that these price increases are widespread across the various things we buy. <\/p>\n<\/div>\n

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You are about to accelerate. The government’s official forecaster, the Office for Budget Responsibility (OBR), says the rate will peak at nearly 9% later in the year before slowing. That means prices will continue to rise, but ultimately not as quickly.<\/p>\n<\/div>\n

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There is little evidence that income will keep pace with increases in wages and benefits (although the minimum wage – through the National Living Wage – will increase by 6.6%), so our ‘real’ income and standard of living will fall. <\/p>\n<\/div>\n

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The biggest impact this year is the sharp increase in energy costs<\/b>. <\/p>\n<\/div>\n

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Businesses pass some of these costs on to consumers in the form of higher prices. Households are protected from fluctuations by the house electricity price ceiling.<\/p>\n<\/div>\n

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However, the chart shows how the cap, and therefore the typical annual household gas and electricity bill, increases by around \u00a3700. The OBR forecasts a further increase of more than \u00a3800 a year in October.<\/p>\n<\/div>\n

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The chart also shows how little billpayers can do about it. They used to be able to shop around for a cheaper rate, but currently no offers are cheaper than the standard price cap. The government is providing some support with a \u00a3150 tax refund in April and a \u00a3200 subsidy in October, both of which have to be repaid.<\/p>\n<\/div>\n

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As does the rising cost of home heating and electricity, filling a car with it petrol or diesel<\/b> also becomes more expensive.<\/p>\n<\/div>\n

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These prices, unlike household gas and electricity, can be very volatile from week to week.<\/p>\n<\/div>\n

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The graph shows the cost of filling a tank for different vehicle types according to the RAC Motoring Group. Even if you don’t have a car, there is concern that more expensive fuel ultimately translates into more expensive bus and coach tickets.<\/p>\n<\/div>\n

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The most expensive monthly bill for millions of people is their rent or theirs mortgage repayment<\/b>.<\/p>\n<\/div>\n

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Three quarters of UK mortgage borrowers have fixed rate agreements, so their repayments only change when their current term ends.<\/p>\n<\/div>\n

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Another two million homeowners have deals where the interest rate varies \u2014 known as tracker or standard adjustable-rate mortgages. The Bank of England has raised interest rates three times in four months since December. <\/p>\n<\/div>\n

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The chart shows how this caused the monthly bill for these variable mortgage customers to increase for the first time in a long time.<\/p>\n<\/div>\n

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Many workers will pay more taxes<\/b> from now on mainly through increased social security payments.<\/p>\n<\/div>\n

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In July, people will be able to earn more before they start paying that tax, following a change announced by Chancellor Rishi Sunak in his recent spring statement.<\/p>\n<\/div>\n

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The combination of these two measures means that over the next 12 months anyone earning less than around \u00a334,000 will pay less National Insurance than they did last year. Those who earn more pay more, as the final chart shows.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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