Spending on essentials is up by an average of 43.5 per cent compared to the same time last year, with non-essential expenditure also rising by an average 15 per cent, a report from Lloyds Bank suggests.
“Our data shows that based on debit card spend alone, our customers are facing higher essential costs this Christmas”, Gaby Collins, payment director at Lloyds Bank said.
Energy (+50 per cent) and fuel (+76 per cent) costs in particular have seen the largest growth in expenditure. Last month Ofgem announced a 20 per cent hike to the energy price cap, raising the cap by an additional £700.
The watchdog forecasts that the 18-month support scheme will cost households as much as £42bn, as supply chain disruptions and inflation send bills skyrocketing.
For fuel. The War in Ukraine has forced Brits to suffer the most volatile year on record for fuel prices. Analysis from the Competition and Markets Authority (CMA)’s Road Fuel Market Study indicated that fuel prices jumped 50p a litre from January to July — the largest surge on record.
Read more at City A.M.
