Have you noticed prices rising?
Rising inflation rates and the VAT increase are putting a strain on spending. How are rising prices affecting you?
The UK Consumer Prices Index (CPI) annual inflation rate increased to 3.7% in December, up from 3.3% in November, while the Retail Prices Index (RPI) inflation rose to 4.8% from 4.7%. These increases will put pressure on the Bank of England to lift interest rates to curb rising inflation.
The Office for National Statistics said the biggest drivers of inflation were air transport, fuel, utility bills and food costs. Fuel prices increased at their fastest annual rate since July, while the cost of food showed its biggest annual rise since May 2009.
Have you seen costs increasing? Have rising prices forced you to make cut backs? What items have you cut? Do you remember other periods when inflation increased? Is there a benefit to the rising prices?
Thank you for your comments. This debate is now closed.