Inflation: Prices for gasoline, used cars and costumes soar as computer games plunge
Inflation: Gasoline, used cars and costumes are among the products Britons pay the most as computer game prices plunge
- AJ Bell found that the cost of gas had jumped 29% since the start of 2021
- The return of the British to their offices has caused evening dress prices to skyrocket
- Computer games saw the biggest drop in value of any product this year
A new analysis has found that used engines, fuel and formal wear are among the products that have seen the biggest price increases this year.
On the day it was revealed that the UK’s inflation rate had hit its highest level in a decade, investment platform AJ Bell discovered that Britons are increasingly paying extra fees for vital goods and services.
He revealed that the cost of gasoline had jumped 29% since the start of 2021, while those who wanted to buy a two- or three-year-old car had to pay around a quarter more than last year.
Rising costs: According to AJ Bell, Medium Density Combustion (MDF) panels saw the biggest price increase of any product, followed by kerosene and men’s long coats
Duration of games: The cost of computer games has fallen the most of all goods, falling by a third, compared to 18% for those who simply downloaded the game, said AJ Bell
This matches remarks made today by the Office for National Statistics (ONS), the body responsible for publishing UK inflation statistics, which said the cost of used engines has jumped in response to the shortage of new cars coming off the production line. .
Meanwhile, gas prices have skyrocketed due to a variety of factors, including increasing tensions with Russia, lower storage capacity levels in Europe and the raising of the energy price cap in early October by the Ofgem regulator.
At the same time, the return of the British to their workplace has increased the price of women’s jackets and dress skirts by more than a quarter, and long coats for men by more than a third.
In comparison, those who work from home or go to the gym regularly have benefited from cheaper and more comfortable clothing items; the value of a women’s short-sleeved sports top has fallen by 17 percent.
If they also enjoy playing computer games, they will have enjoyed a one-third price drop – the largest of all products – compared to an 18% drop if they downloaded the game.
But if they had renovated their living quarters with medium density cooktops – a product that can be used as a building material – they would have had to pay the biggest increase in costs.
Hikes: Gas prices have skyrocketed as a result of a variety of factors, including increasing tensions with Russia, lower storage capacity levels in Europe, and heavy reliance on imports
Due to the increasing number of people redecorating their homes during the pandemic and supply chain issues affecting the construction industry, they should have spent 63% more on the product.
“Everyone feels the pinch, whether it’s in their weekly store, their energy bills or when they’re about to buy a new car,” said Laura Suter, personal finance manager at AJ Bell.
“But not everything has gone up in price, and some areas of our lives are getting more expensive than others. The biggest price increase of the year will dismay DIY enthusiasts or anyone working on a home renovation: MDF (or medium density fibreboard). ‘
“And the biggest faller of the year?” She added. “Computer games, which are a third cheaper than at the start of the year, following a boom in demand during the pandemic which has now ended.”
Prices rise: Office for National Statistics (ONS) revealed that the country’s year-on-year inflation rate fell from 3.1% in September to 4.2% last month
ONS figures showed the country’s year-on-year inflation rate fell from 3.1% in September to 4.2% last month, its highest level since November 2011.
In addition to energy and transportation goods, the organization said that the absence of the Eat Out to Help Out program this year meant food and drinks in hotels and restaurants were more expensive.
He further suggested that the industry may have increased prices due to the VAT rate on some supplies for accommodation, attraction and other hospitality from 5 percent to 12.5 percent. .
But much of the cost increases in the UK economy are due to issues in the global supply chain, such as shipping delays and substantial demand for products made with semiconductors, including laptops, televisions and cars.
The 4.2% figure is more than double the Bank of England’s inflation target of 2%, and investor speculation is mounting that an interest rate hike may soon be considered.