Cutting back to cope with soaring costs
A survey commissioned by the Βι¶ΉΤΌΕΔ has found that people are skipping meals, buying less food and limiting car journeys - as prices rise at their fastest rate for 40 years.
A survey commissioned by the Βι¶ΉΤΌΕΔ has found that people are skipping meals, buying less food and limiting car journeys - as prices rise at their fastest rate for 40 years. More than eight in 10 (81%) of the 4,011 adults questioned, said they were worried about the soaring cost of living. And around two thirds (66%) of those worried said it was affecting their mental health.
The situation is being driven mainly by global factors such as the cost of oil, gas and food. But there are UK-specific issues which are adding to inflation, such as the tight labour market. Job vacancies are at a record high of 1.3 million - meaning employers face paying higher wages to fill roles.
For 5 Minutes On, the Βι¶ΉΤΌΕΔ's economics editor, Faisal Islam, visits the East Durham Trust - a local charity in Peterlee. They run a food bank and a community cafe - and also offer help with debts and benefits. He hears first hand just how far some people are going to cut costs - and how the crisis is now affecting us all, including those in full time work.
Photo credit: Oscar Wong, Getty Images
