Cost of living crisis: what the new inflation rate means for Sheffield residents

The costs of living crisis shows no signs of easing for Sheffield residents after prices rose at their fastest rate for 30 years.

Wednesday, 13th April 2022, 11:48 am

The UK inflation rate increased to seven per cent in the year to March, the highest rate since 1992, new figures show, driven by a sharp increase in petrol and diesel costs.

The war in Ukraine has sparked a rise in the cost of oil, as well as commodities such as sunflower oil and wheat.

Prices have been rising fast since last year as firms pass on higher energy and shipping costs to consumers.

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The costs of living crisis shows no signs of easing for Sheffield residents after prices rose at their fastest rate for 30 years.

In the UK, the price of oils and fats for food increased by 7.2 per cent in March, according to the Office for National Statistics.

As well as price rises, Sheffield residents face a 2.99 per cent increase in council tax this year as well as a big spike in energy bills.

The figures do not yet reflect the average 54 per cent increase in energy bills from April 1 when the price cap was raised.

The government says it is providing support worth around £22bn in this financial year.

Last month, Sheffield S6 Foodbank revealed the number users had increased nearly tenfold in the last two years.

Some 1,200 people-a-week rely on the organisation, up from just 150 two years ago. Today it has 11 sites, up from four in the same period, fuelled by the pandemic and the skyrocketing cost of living.

Manager Chris Hardy, said: “The past two years have been relentless, but Sheffield people have continued to support others in need.”

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