Cost of living challenges are likely to persist

The impact of high inflation last year will continue to reverberate through 2024, with experts hoping for a period of economic stability, reports 

- Josie Clarke

CONSUMERS suffered the worst inflation in a generation in 2023, with the issue dominating household finances and causing misery for millions.

Food inflation hit a more than 45-year high of 19.6% in March, and while price rises have slowed they are still 9% higher than a year ago.

Sue Davies, head of food policy at Which?, said: "We've seen the worst inflation in a generation in 2023 and while the rate at which prices are going up is slowing, food prices are still unbearably high for many.

"As a category, butters and spreads now cost less than this time last year; however, the prices of everyday essentials may never return to the prices shoppers were used to before the costof-living crisis began.

"Budget range products remain the cheapest items on supermarket shelves, but may not be accessible to those who rely on more expensive convenience stores. This is why we have been calling for supermarkets to help those who are struggling by making sure affordable food is available in smaller branches," she added.

Households also endured yet another year of energy bill misery, as the ongoing effects of the pandemic and Russia's invasion of Ukraine highlighted the UK's susceptibility to the highly volatile wholesale energy market.