Millions of households across the country will see a wide variety of goods and services increase in price this year due to a worsening cost of living crisis.
The prices of many goods and services are being driven up by soaring inflation rates, wholesale prices, and the war in Ukraine, according to the government. On Wednesday morning, new figures were released revealing that the inflation rate eased back further last month.
The rate of Consumer Prices Index (CPI) inflation has fallen to 10.5 per cent in December from 10.7 per cent the previous month. However, there is little sign of respite for families, with CPI still in double digits and food and drink inflation soaring yet again, to 16.8 per cent in December up from 16.4 per cent in November, marking the highest level since September 1977.
