Inflation ‘number one concern’ for Britons

·2-min read
Inflation has risen to 40-year highs this year (Yui Mok/PA) (PA Wire)
Inflation has risen to 40-year highs this year (Yui Mok/PA) (PA Wire)

Inflation is the number one concern for Britons - even more so than the war in Ukraine - a study has found.

Seventy per cent of people are most concerned about inflation, followed by 68 per cent who are most concerned about the war in Ukraine, and 67 per cent of people who are worried about soaring petrol costs.

The findings also showed that 69 per cent of Britons are likely to vote for a party who will promise to reduce inflation at the next general election.

UK inflation hit 9.4% partly fuelled by fuel prices rising by 42.3% in 12 months (PA) (PA Wire)
UK inflation hit 9.4% partly fuelled by fuel prices rising by 42.3% in 12 months (PA) (PA Wire)

The study, which was commissioned by global market research firm Dynata, also shows that inflation has affected spending habits.

The results show 44 per cent are dining out less, 39 per cent are travelling less, and 36 per cent are both driving less and going out less.

The findings come following new ONS figures on inflation, which show levels have risen to a fresh 40-year high of 9.4 per cent in June, up from 9.1 per cent in May.

The Bank of England warned in June that inflation figures could top 11 percent by the end of the year.

UK inflation at the highest rate in 40 years (PA Graphics) (PA Graphics)
UK inflation at the highest rate in 40 years (PA Graphics) (PA Graphics)

The rise in inflation is attributed to soaring costs of food and fuel, with motor fuel prices rising by 42.3 per cent in the 12 months to June 2022, and the price of food and non-alcoholic beverages rising by 9.8 per cent.

Vicky Parry, editor at consumer website MoneyMagpie, explained the change in consumer behaviours due to the rising costs of living.

She said: “We are seeing more and more that people are fully altering the way they spend to accommodate their rising bills.

“First to go were subscriptions, then people were starting to cut back on every purchase - the knock-on effect of people not spending is catastrophic on the economy and we are yet to see the full extent of what may happen.

“Some readers suggested they are monitoring their expenditure closer than ever and have made sacrifices to ensure they can pay their bills. These sacrifices include no holidays, not putting the heating on and selling their car.”

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