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.
