Is the cost-of-living crisis over and will prices in the UK ever come down?
Back to Topic
Click to Print
Useful Websites
Glossary Term Selection
What does the inflation rate mean for you? Will prices come down? Here’s what you need to know about whether the cost-of-living crisis will ever end
By Isabella Mcrae
It feels like the cost-of-living crisis has lasted an age. Although inflation has now reached ‘normal’ levels, we have faced prices rising at rates not seen in decades while wages struggled to keep up. So is the cost-of-living crisis nearly over, and will prices ever come down?
Inflation fell to 2% in the year to May 2024, down from 2.3% the month before. That’s the lowest level in nearly three years, and means inflation has finally hit the Bank of England’s 2% target.
Food and non-alcoholic drink prices are up by 1.7% on last year, finally below the headline rate of inflation.
But lower inflation rate doesn’t mean prices are falling – in fact, they are still rising, just at a slower rate.
People are still feeling the impact of the cost-of-living crisis. Families are struggling with debt and many have spent far too lon...
Want to see the rest of this article?
Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?
- Useful related articles
- Video and multimedia references
- Statistical information and reference material
- Glossary of terms
- Key Facts and figures
- Related assignments
- Resource material and websites
