Households and Businesses Face Extraordinary Squeeze
Local MP Alyn Smith has expressed concern over stubbornly high inflation rates, as the latest ONS figures show it remains at a sky-high level – 10.1%. A main driver has been the increase in food prices: the price of milk which has soared by more than one-third, whilst ready-meals have increased by a fifth.
It leaves the UK with one of the highest inflation rates amongst major economies, with Italy’s inflation rate at 8.2%, Germany 7.8%, France 6.6% and the USA 5.3%.
Inflation rates have stayed higher than previously predicted as economists expected it to drop below 10%. Rishi Sunak pledged at the start of this year to half inflation by the end of 2023.
Stirling MP Alyn Smith said:
‘Households and businesses across Stirling have been left reeling by the cost of living crisis, and I urge the UK Government to do more to tackle the soaring cost of food. Cutting inflation in one of the Prime Minister’s main missions – and yet food prices continue to increase, heaping misery on communities across the Stirling area.
‘Inflation in the UK remains high compared to other major European nations because of Brexit. Combined with the UK predicted to have the worst growth of any major economy, the UK is on a downward spiral all at the hands of Brexit.
‘It must be all hands to the pump if inflation is to be properly addressed and reduced. Whilst the warmer months may see energy bills decrease, staple food items continue to reach new records. Families and businesses are teetering on the edge – lives and livelihoods are at stake.’