What is YOUR inflation rate? Work out how price rises hit you

The cost-of-living crisis is hitting some households much harder than others – families are paying price hikes that can be double those of their neighbours.

The UK is currently weathering a storm of rising prices, something officially measured by a single metric: inflation.

According to the Office for National Statistics, consumer price index inflation is a staggering 10.1 per cent – ​​five times higher than the Bank of England’s official target of 2 per cent. Food inflation is even higher at 19.1 percent, but figures show that prices of some individual items are rising even further.

And that means inflation affects everyone differently, as consumers experience different price increases depending on what they spend their money on. For example, someone buying olive oil today will spend 49 percent more than in 2022, while the average price for potatoes is 27 percent more.

The ONS has published an online tool that allows households to calculate their personal inflation rate for a basket of 450 goods and services.

To show how inflation affects consumers in different ways, we’ve plotted weekly spending patterns for four different types of households: a single renter living on the brink of subsistence, newlyweds with a newborn, a nuclear family of two adults, two children and a dog and an elderly couple.

Our sample single spent £110.22 in the week (an increase of 16 per cent in a year), while our nuclear family spent £319.94 (an increase of 7 per cent), our newlyweds spent £172.25 (an increase of 18 per cent ) and our elderly couple £516.56 (up 11 per cent).

But keep in mind that they will spend more in real life, that’s because the ONS tool takes average prices for items, and only for things like food, clothes, professional services like cleaners, healthcare costs, and furniture.

Some major payments, such as utility bills, commuting, rent and mortgage payments, are not included.

You can calculate your own personal inflation using the ONS tool here.

One person on a budget

Weekly spend: £110.22 (16 per cent more in a year)

This person may be in their 20s or early 30s, earning around £22,000 a year and renting a flat. Like many people in this category, they like to socialize, perhaps with a night in the pub, but they also have to watch their money.

Their weekly expenses include a basket of 22 basic items such as sliced ​​white bread, ground beef, jams, pasta and inexpensive vegetables and instant coffee – as well as a few household items such as soap and garbage bags and a case of cheap lager.

That alone equates to £59.04 – 18 per cent more than last year. The biggest price increase was for a block of cheddar cheese, which rose by 42 percent.

But this person also saw significant price increases for a tin of baked beans (up 39 percent to £1.05), iceberg lettuce (up 39 percent to 77 pence), frozen chicken nuggets (up 35 percent to £2.41) and a pack of regular biscuits (up 26 per cent to £1.24).

They also treat themselves to a night at the pub, buying three pints and maybe a pack of cigarettes.

The night out costs £24.51 – £12.72 for three pints of lager (an increase of 7 per cent in a year) and a further £11.79 for 20 cigarettes (an increase of 6 per cent).

However, there is a little bit of good inflation news. They had an unexpected saving buying a pair of canvas sneakers as they cost the same as last year – £27.27.

Two adults, two children and a dog

Weekly spend: £319.94 (7 per cent more in a year)

This sample family consists of two parents in their 40s, two children in their early teens, and a dog.

They’re comfortably well off, with a family income of around £90,000, so don’t need to cut corners and save – but don’t want to overspend either.

Their weekly food shop of 41 items comes in at £147.45, an 18 percent increase, or £20.66.

This includes luxuries such as Parmesan cheese, fresh salmon and tasty cereals, plus staples such as milk, plenty of veggies and some soft drinks, booze, a few treats such as crisps and snacks, plus everything for a Sunday Roast – with all the trimmings.

The biggest food price increase was for a bottle of olive oil, which cost £5.78, up 49 percent from the same period last year.

But other big price increases include semi-skimmed milk, which costs £1.33 – a 39 per cent increase in a year, as well as two heads of broccoli, which cost £2.27, or a 34 per cent increase.

Their weekly spending also includes new trousers and coats for both children, which works out to £64.65 – 12.5 per cent more than what it would have cost a year ago. (Obviously this wouldn’t be a weekly release).

Their dog gets seven cans of dog food, which costs £5.05, and a booster shot – another £53.22. All told, man’s best friend added £58.27 to their weekly bills, 26 per cent more than last year.

They also spend £16.69 on having their windows washed, which will cost them 4 per cent more than in 2022, as well as £20.92 on a family trip to a leisure center (5 per cent more) and £17.01 on a haircut for the father – costs 7 percent extra.

Newlyweds with a baby

Weekly spend: £172.25 (18 per cent more in a year)

We also took the example of two newlyweds in their thirties, with a newborn baby.

Their weekly shopping basket of 27 items cost them £91.43, an increase of 19 per cent – the largest increase of any household on our list.

They were hardest hit by big food price increases for things like a sack of potatoes, up 27 percent to 71 pence, a £3.73 chicken (up 22 percent) and a tub of yoghurt (up 28 percent to 82 pence). pence). A jar of mayonnaise cost them 1.96 pounds, an increase of 32 percent.

They also decide to give in to the millennial stereotype and buy an avocado, which costs 96 pence – a 9 percent increase.

To celebrate their newborn, they invite some friends to a small party, where they spend £62.72 on two bottles of champagne (up 5 per cent) and £4.98 on two sponge cakes (up 25 per cent).

One night, the sleep-deprived parents get an Indian takeaway instead of cooking, costing them £18.10, a 10 per cent increase.

Elderly couple

Weekly spend: £516.56 (11 per cent more in a year)

This couple is a husband and wife in their seventies, with a good retirement income and traditional tastes.

Their weekly shopping basket of 28 items includes earthy foods such as a sack of baked potatoes, a gammon leg, a meat pie, eggs, cheese, jam, and apples.

In total, their food and drink cost them £123.94, or a 17 per cent increase from 2022. Notable increases are for cheddar cheese (42 per cent more), milk (39 per cent more) and crumpets (27 per cent more).

The husband also chooses a bottle of whiskey as a treat, while his wife picks a bottle of sherry.

He ends up with a much higher drinks bill, as his whiskey costs £15.88 (7 per cent more), while her sherry costs £9.79 – a 3 per cent increase.

The man, an avid gardener, also goes to the garden center for some compost, plant seeds and plant food, costing him a total of £13.67, 18 per cent more than last year.

But the plant seeds cost him 3 percent less than last year – the only item on our list to drop in price over the year.

They make two new wills, costing them a total of £550.48, or a 10 per cent increase. (Again, don’t spend every week.)

To take their mind off things, they go for lunch at a local pub, which costs them £28.80 for two mains and £12.92 for two desserts – increases of 12 and 10 per cent respectively.

This is the Money podcast