A Third of UK Householders Struggling with Mortgage and Rent Payments

Across the UK people are struggling with their daily costs of living including increases in mortgage payments and rents.

The latest stats on inflation resulted in the Bank of England raising the base rate to 5% – the highest since 2008 – which in turn means mortgage payments will increase – ONS recorded ” UK private rental prices increased 5.0% in the year to May 2023, up from 4.8% in the year to April 2023. This is the largest annual percentage change since this UK series began in January 2016.

One in three of householders in the UK with mortgages and rentals are now struggling with payments.

Food and non-alcoholic beverage prices rose by 18.4% in the year to May 2023.

Around half (49%) of adults said they were buying less when shopping for food and less than half (42%) of adults said they were spending less when shopping for food and essentials. 

The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.9% in the 12 months to May 2023, up from 7.8% in April.

Core CPIH (excluding energy, food, alcohol and tobacco) rose by 6.5% in the 12 months to May 2023, up from 6.2% in April, and the highest rate for over 30 years. And

The CPIH all goods index rose by 9.7% in the 12 months to May 2023, down from 10.0% in April. The slowing in the rate has been caused by a downward contribution to the change from energy, where prices rose by 8.1% in the year to May 2023, down from 10.5% in the year to April. This has been partially offset by an upward contribution from non-energy industrial goods, particularly vehicles, spare parts and accessories.

The slowing in the annual rate for food and non-alcoholic beverages between April and May 2023 was driven by relatively small price movements from 6 of the 11 detailed classes. The largest downward contribution came from milk, cheese and eggs, with the annual rate easing to 27.4%, from 29.3% in April.

The only food class showing an offsetting rise in the annual rate was fish, where the rate increased from 14.2% in the year to April 2023 to 16.6% in the year to May. This was principally caused by a rise in the price of canned tuna this year, compared with a fall in price a year ago.

ONS publishes a shopping prices comparison tool it shows how the average price of different items has changed in the last year.

The prices will of course be averaged, therefore, they may be slightly different where you live.

Bakery – Average prices of items in May 2023 and the latest annual growth rate

Item May 20232022%
bread rolls (pkt 6)£1.06£0.99+7%
white sliced bread 750-800g£1.35£1.11+22%
wholemeal sliced bread 750-800g£1.38£1.13+22%
individual cakes (pkt 5/6)£2.14£1.69+27%
sponge cake£2.48£2.15+15%
Shopping basket total£8.41£7.07+19%

Other items in your shopping basket – Average prices of items in May 2023 and the latest annual growth rate

ItemMay 20232022%
spreadable butter 500g£4.09£3.74+10%
olive oil 550ml – 1litre£6.16£4.19+47%
butter 250g£2.311.93+20%
breakfast cereal, low sugar£2.30£2.13+8%
hot oat cereal£2.24£1.85+21%
breakfast cereal sugar coated£2.80£2.47+13%
chilled ready meal (meat) serves 1£3.25£2.75+18%
milk chocolate bar£0.82£0.75+9%
instant coffee 90 – 100g£3.22£3.09+4%
tea bags (80)£2.38£2.17+9%
cooked ham (sliced) 100-200g£2.69£2.45+10%
multipack crisps £1.69£1.43+19%
cheddar cheese per Kg£9.65£6.99+38%
eggs (dozen)£3.26£2.53+29%
1 small yoghurt£0.85£0.67+27%
2pts semi skimmed milk£1.29£1.01+28%
frozen fish fingers (8-12)£2.94£2.47+19%
small oranges per Kg£2.76£2.64+5%
mushrooms per Kg£3.50£3.31+6%
broccoli per Kg£2.39£1.74+37%
tomatoes per Kg£3.26£2.92+12%
frozen beef burgers pkt 4£3.32£2.52+32%
jam 340-454g£1.42£1.09+30%
bacon per Kg£9.14£7.42+23%
beef mince per Kg£8.43£7.16+18%
pork sausages per Kg£6.63£5.54+20%

On the above shopping items (28)  £15.83 more than last year. This was an annual increase of 21%.

For a young parent requiring powered baby formula the price would have increased from £10.97 last year to £12.15 this year so far, an increase of 11% .

A 450g tin of baked beans has increased over the same period by 40%. Check all of these out for yourself: Shopping prices comparison tool

Fiona Grahame

Categories: Uncategorized

Tagged as: , , ,

1 reply »

Leave a Reply