In the UK, prices for basic necessities have been rising more quickly than household earnings.
Sheffield students say they have experienced a significant increase in daily expenses.
Charlotte Liu, 20, a business student said: “When I came back to Sheffield, my monthly spending had increased more than £100.
“Not only the food price, the rent of my accommodation has increased. Everything is going up.”
According to the Office for National Statistics, food and non-alcoholic beverage prices are increasing at the fastest rate in over 45 years.
In the year preceding March 2023, cucumbers (up 52%), olive oil (up 49%), and hard cheese (up 44%) grew the most in price.
“The greatest impact of rising prices for me is Haribo. It has been raised from one pound to one and a half pounds,” said Harry Xhiue, a 21-year-old architecture student.
Aside from students, many households are affected by rising prices. Many of them are complaining that the rate of price increases is much faster than the rate of wage increases.
These are Let’s Sushi’s menu in 2020 and 2023.
Within three years, each meal has increased by one to two pounds.
Brian Cooper, 49-year-old, a business worker said: “What used to be £1, it’s now £2; what used to be £3, it’s now more than £4.”
The annual inflation rate in this category increased to 19.2% in February 2023 from 18.2% in February 2022. Indicative estimates derived from models indicate that the rate was last higher in August 1977, when it was estimated to be 21.9%.
Due to the rising food prices, 48% of adults have purchased less food in recent years.
It is currently a difficult time for students and households to deal with this issue.
People may cope with the problem in the short term by purchasing less food and necessities. However, if the problem is not addressed properly, it will worsen in the long run. As a result, more people anticipate needing some form of assistance in the future.