August: food prices up 13%

Food prices rose by 13% in the year to August, with a 1.3% increase between July and August, inflation statistics reveal.

The Office of National Statistics’ inflation report showed that the rise was offset slightly by the falling cost of petrol and diesel, which fell by 4.6% during the month.

The overall rate of inflation currently stands at 4.7%, although some economists argue that this paints an unrealistic picture of the effects rising costs are having on the average consumer.

A spokesperson for debt management company Gregory Pennington said: “The rise in food prices is a particularly significant statistic, because it is something that unavoidably affects everyone. People are being forced to change their shopping habits in order to avoid falling into debt.

“We advise anyone struggling with debt to seek expert debt advice as soon as possible.”

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Gregory Pennington offers a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). If you are worried about debt, contact one of our debt advisers now.