Rising food prices in the UK add to the daily expenses, which adversely affects the monthly budget.
Millions of UK households face a potentially severe winter energy crisis as energy prices rise due to the Russia-Ukraine war.
According to a conservative estimate, two-thirds of the UK population, which is about 4.5 million people, will hardly be able to pay their gas bill this month.
The market research report released yesterday has revealed that the inflation rate has set another new record of 13.9% after the increase in the prices of food items in the month of September.
Millions of people are bracing themselves for the harsh winter conditions ahead after the energy crisis and rising gas bills and record hike in food prices.
Under the same objective, people are investing in these items to save cash. This trend of people came to light when the Bank of England had to bring government bonds back into the market to maintain financial stability.
The bank’s move has had a negative impact on the labor market, which is likely to lead to a rise in inflation, according to economists. The flow of hospitality and entertainment businesses is threatened.
In this regard, Barclays Card director Esme Harwood said that it is a difficult time for many other sectors as consumers are focusing only on essential spending.
While he said the government was spending about 60 billion pounds ($66 billion) over the next six months to subsidize energy bills for residential and business centres.
In a Barclays survey in the UK, nine out of 10 people said they were worried about their household energy bills.
Sales of cooking appliances, including slow cookers air fryers and sandwich makers, which typically use less energy, have increased by 53% in four weeks.
Demand for duvets and electric blankets was up 8 per cent in the month, candle sales rose 9 per cent and more thermal underwear, gloves and dressing gowns were being bought to keep the home warm.