Inflation in the UK has hit double digits of 10.1% for the first time since 1982. Butter, milk, ready meals, and bread are all soaring in price. Bread and cereals are up 12.4%, milk, cheese, and eggs are up 19.4%, and cooking oil is up 23.4%.
The energy bills for Britons are rising, and the Bank of England says the cost of living is set to rise even higher and that inflation could hit 13% in October.
Under the current rate, those on the lowest household incomes are facing inflation of nearly 11%.
Whoever comes into No.10 will need to try to bring the inflation down very quickly, but Rishi Sunak and Liz Truss are still arguing over the best approach to rescue the economy.
Truss wants to cut taxes to stimulate growth.
Rishi believes Liz Truss’s massive borrowing plan will worsen inflation and leave millions destitute.
“I believe I have the right plan to help everyone in the United Kingdom, support them with the cost of living, particularly the most vulnerable in society, like those on lowest incomes and pensioners, but with some help for everyone,” said Sunak.
Chancellor Nadhim Zahawi said options on targeted help are being prepared, but the outgoing Prime Minster Boris Johnson is away on another holiday. The new Prime Minister won’t be voted in until September.
The candidates, Liz Truss and Rishi Sunak, have been in Belfast today, laying out their plans to tackle inflation.
“Inflation is the enemy, it makes everyone poorer, that’s why this autumn and winter as Prime Minister I will make sure we support especially the most vulnerable in our society with the means to get through what will be a difficult time, because that is the compassionate Conservative thing to do. But what I will not do is pursue policies that will risk making inflation far worse,” said Rishi Sunak.