As food prices rise, are you feeling the pinch in the aisles?
28 April 2023
With inflation now at 10% (March 2023), it means that prices are going up for everyday items like food and household goods, food inflation is even higher at just under 20%.
It’s important to be aware of the rising costs in the aisles and while many of us maybe feeling the pinch in some way or another, support is out there to help your money go further.
Many people often buy food items without looking at the price and by doing this, it gives a false sense of the actual cost of the food item. Also, as more people are needing to create a food budget, many people’s perception of ‘value for money’ is determined on where they may choose to shop.
Office of National Statistics’ show examples comparing costs from March 2022 with March 2023, indicating an increase in some of the everyday items that we may not be conscious of.
Food inflation has a higher impact on low-income households as a higher proportion of income is spent on food and while food inflation is almost 20% in general, the rate of inflation on many low-cost food, non-branded items can be anything up to 30%!
Don’t let rising food prices catch you off guard
With growing pressures on communities make the most of their income, Torus Foundation is seeing an increase of Torus customers contacting the team to look for ways to help make their money go further.
As part of the Foundation’s wider programme of support, customers can access information and advice regarding their money and benefits, as well as ensuring they’re aware of being able to access affordable and nutritious food.
Click the link below to access information on local food pantries, how to apply for healthy start vouchers, budget recipe ideas and some savvy shopper tips to help you get started!
