Wednesday, March 22, 2023

Capitalism Taking Advantage Shock

 Thousands of shopping basket essentials have risen sharply in price, with some products doubling in just one year, it has been revealed.

The figures come from an analysis of more than 25,000 products and make clear that budget items, which many have turned to during the cost of living crisis, are rising fastest.

New research from Which? shows the annual inflation rate for popular food and drink in February was 16.5 per cent across eight big supermarkets.

On average, budget range prices are up by a higher 22.9 per cent with own-brand up 19.7 per cent, premium supermarket lines by 13.8 per cent and big brands by 13.3 per cent.

The increases are adding hundreds of pounds to annual food bills and are way ahead of rises in salaries, pensions and benefits. 

Earlier this month, Bank of England policymaker Catherine Mann warned 'greedflation' might take its toll on ordinary people if companies use the cost of living to justify large price hikes.

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