It's no secret that the United Kingdom is suffering the wrath of the ongoing cost of living crisis, which continues to squeeze residents out of their hard earned cash. New records today also show that inflation has hit a 40-year-high.
As a result, the price you will pay for essentials is also rising at a near-record rate, according to the Office for National Statistics (ONS). The Consumer Prices Index (CPI) measure of inflation was sitting at 9.4 per cent for June, which is a .3 per cent rise from May experts say - the ninth month in a row it has continually increased.
As well all know, when inflation rises, your money won't stretch as far as it used to. For example, if something cost exactly £1 a year ago, and the rate of inflation is 9.4 per cent, it would cost £1.094 today.
Read more: Inflation rises again to hit highest rate in more than 40 years
To calculate the 9.4 per cent figure, the ONS has to work out how much hundreds of common items are rising or falling in price by. The Mirror reports the ten highest risers below, according to ONS statistics.
Heating oil - Up 128.9%
The most inflated product over the past 12 months is heating oil for houses and residencies - which the ONS calls 'liquid fuel'. Many homes across the UK rely on tanks of heating oil for their energy consumption, which are delivered by tankers mostly in rural areas.
This is usually because in the past, it hasn't been viable or cost-efficient to connect said properties to the main gas network. As a result, these houses have been hammered with huge price hikes due to the skyrocketing price of oil.
Gas - Up 95.5%
Another massive price hike calculated by the ONS is that of the rising cost of gas - which has also been affected by the Russian invasion of Ukraine leading to war. Some 80 per cent of British homes are reliant on gas as a means of energy, keeping properties heated.
Electricity - Up 53.5%
The other component of many people's energy bills is electricity - and the unit price for this has also been reportedly soaring. Energy bills on the whole could hit a staggering £3,000 on average this winter, as the cost of living crisis continues to squeeze families nationwide.
Petrol and diesel - Up 42.3%
The price of fuel for cars, vans and motorcycles rose by as much as 42.3 per cent in the year to June 2022. As a result, Britons have felt the pain at the pumps, forking out in excess of £2 per litre this year for the first time in history.
However, the end is nigh for the fuel crisis, with prices beginning to gradually fall.
With that being said, petrol still costs 188.9 per litre on average, with diesel slightly more expensive at 197.5p, according to the latest Government figures. The 42.3 per cent figure from the ONS also takes into account the rising cost of lubricants for engines - many of which being oil based.
Insurance - Up 23%
The price of insuring your home rose by 23 per cent over the course of the last 12 months according to the ONS. And while the price of car insurance is slightly better, the motor requirement by law has still risen by 8.8 per cent in the same period.
Solid heating fuel - Up 22.4%
Solid heating fuels such as firewood, coal, peat and smokeless entities have also seen a substantial rise in price, with many UK homes making use of these for heating and powering boilers. Of course, this means of heating your home is more popular outside of big towns and cities, but alongside heating oil which has been previously mentioned, the price of solid fuel has too spiked.
Air travel - Up 22.4%
Those hoping to jet set away this summer on a cheap and cheerful holiday may be left disappointed - with the price of traveling by air also in-turn increasing. Willie Walsh, director general of the International Air Transport Association, has said that this is partly due to rising costs of aviation fuel.
Alike heating oils, the ongoing war of Ukraine is the major reason that the price of jet fuel is rising - but widespread flight cancellations have also contributed to this. These push up demand for seats on other planes, increasing prices accordingly due to limited supply and heavy demand.
Cooking oils and fats - Up 16.6%
Olive, rapeseed and sunflower oil have also been affected by the conflict between Russia and Ukraine - with both countries being key suppliers of the products. As a result, many supermarkets have began to ration how much cooking oil Brits can buy during their weekly shops.
Furniture - Up 16.3%
A common theme on this list, but the war in Ukraine has affected the price of household furniture accordingly. Much of the timber used to make seating, tables, wardrobes and beds alike usually comes from Russia - with supplies being hit hard by the conflict.
The cost of making furniture has also risen, due to the increased cost of power to fuel factories, and petrol and diesel for LGVS moving goods from A to B.
Second-hand cars - Up 15.2%
Increases in the cost of materials and energy, as well as problems with supply chains mean that the cost of new cars is rising. This is having a knock-on impact on the price of older vehicles - with many looking to land cheaper deals on the second hand market.
Research shows that Mercedes, Range Rover and Volkswagen are the best cars for holding value - with Peugeots on the opposite end of the spectrum.
What it means for your weekly supermarket shop
Food and drink is also said to be soaring, with food prices across the board rising by 9.8 per cent. Within this, the ONS said that the cost of essentials such as milk, cheese and eggs has increased by 14.8 per cent, while meat is up 11.1 per cent and cocoa by 10.3 per cent.
Bread was up 9.6 per cent, and fish 8 per cent, while the price of fruit is up 6.9 per cent, and vegetables by 9 per cent. Sugar, jam and chocolate prices have also risen by 3 per cent..
Meanwhile there has been an 8.8 per cent increase in the price of fruit juice, soft drinks and mineral water.
Are any prices going down?
Yes - but only in three areas, and none of them are household essentials. It is good news if you like a tipple, as ONS figures show the price of alcoholic spirits like whisky, gin and vodka fell 0.4 per cent in the last 12 months.
There was also an 8.5 per cent fall in what the ONS calls 'data processing equipment' - things like computers. Gadgets like TVs and headphones also fell in price by 5.2 per cent.
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