As British voters head to the polls to select their next government, the increasing cost of living ranks high among their worries.

In recent years, households have felt the strain of high inflation caused by the aftermath of the COVID-19 pandemic and the conflicts in Ukraine.

How much more expensive is food?

Despite inflation returning to the Bank of England's target after peaking in 2022 and 2023, essential items like food are still considerably pricier than before.

Currently, food prices are about 31% higher compared to three years ago, with some staple items seeing even steeper increases.

• The average price of a pint of milk has surged by 55%.
• A kilogram of sugar costs 63% more.
• A whole chicken is 40% more expensive.

This surge in prices, combined with years of sluggish economic growth, has exacerbated the financial burden on individuals.

Unfortunately, wage growth has not kept up with inflation, further impacting people's purchasing power.

Is the UK’s experience any different from other countries?

While many nations faced inflation due to global crises, the UK bore a heavier brunt compared to other advanced economies.

The UK recorded its highest consumer price index in 41 years, with food and beverages experiencing even higher inflation rates.

Various factors, including the country's reliance on imported goods and energy sources, have been cited as reasons for the UK's heightened inflation levels.

What happens next?

On a positive note, inflation has stabilized, and wages have been outpacing prices since last year.

Earnings growth has surpassed price hikes, providing some relief to consumers.

There are indications that retail prices are falling faster than official inflation data suggests, easing the financial strain on households.

Retailers have played a crucial role in reducing costs and prices, ultimately benefiting UK consumers and mitigating the cost of living pressure.