Home Business News ‘Significant numbers of older people are already struggling’ with cost of living as food prices rise by 30%

‘Significant numbers of older people are already struggling’ with cost of living as food prices rise by 30%

by LLB Finance Reporter
12th May 22 12:31 pm

Supermarkets have put the price of food up by 30% as Tesco, Asda, Sainsbury’s, Morrisons and Aldi increased the cost of more than 100 value range items in their stores.

Millions of families are struggling and are choosing between heating or eating and many are choosing not to pay certain bills so that they can feed their families.

Scott Dixon, consumer expert, said, “Consumers will have noticed that many of the goods they buy on a weekly basis have shot up in price.

“I have noticed that it’s often in 5p increments on lower priced items and anywhere between 10p to 30p on the mainstream products, which hides the real impact of inflation being inflicted on consumers.

“There is also shrinkflation to consider. I have noticed that many frozen items are being shrunk in size by small amounts, yet the price remains the same.”

Dixon added, “Supermarkets can do more and it’s vital that they do so. Motorists will have noticed that there is no competition on the supermarket forecourts now, with record profit margins being made on fuel sales.

“Supermarkets could leverage that to reduce food prices and help those most in need of help right now.”

Caroline Abrahams, charity director at Age UK warned, that significant numbers of older people are already struggling to buy cheaper alternatives and as a result they are cutting back on meals.

She added, “But the strain on their income will only get worse towards the end of year as they use more energy to keep their homes warm.

“However frugal they are, our analysis shows 2 million older households won’t have enough money to cover their essential spending this year.

“With no more cuts to make, they need concrete support now and without determined government intervention they are at risk of deep hardship like nothing we’ve seen in this country for many years.

“That’s why we’re calling for the Government to urgently increase benefits and the State Pension in line with inflation to help all those on a low income – irrespective of age – who will otherwise be in deep trouble as prices continue to rise.

“A one-off payment of £500 to those on the lowest incomes would also help enormously to mitigate the impact of energy price increases this year.”

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