Price rises LIVE: Retired couples face £1,100 spike to cost of living THIS YEAR

The Bank of England’s new chief economist has warned that major supply shortages and rising energy bills could cause rates of inflation to last longer than expected,
The cost of living is expected to remain high until at least the summer of 2022 and the Bank of England warned earlier this month that inflation will rise to more than 4 percent this winter.
Amid these stark warnings research conducted for the Daily Mail has suggested the cost of living will rise by £1,800 for the average family of four and by £900 for a low-income couple.

The price of gas has more than doubled since the beginning of the year, rising 213 percent since January 1 and has increased by 71 percent since the start of August alone, according to figures from the National Grid.

This news comes as an ONS survey of over 8,000 firms showed that a third of UK companies are suffering from the effects of goods and services rising more than expected.

29 percent of companies reported a sharp rise in the price of goods and services purchased in the last fortnight and over half of companies in the construction industry reported a large increase in the price of building materials such as cement and power tools – the highest of any industry.

The Bank of England’s Quarterly Bulletin will be released later on Friday and will discuss topics such as monetary and financial stability


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