There is another symptom of Britain’s ongoing cost of living crisis: an increase in shoplifting.
news report Events from the country cited incidents “widely reported in the UK”. The report focused on food costs, noting that food costs rose 19% in March 2023 from a year earlier.
Food inflation was almost double the headline inflation rate of 10.1% in March According to the National Bureau of Statistics report last month. The agency’s next report is due on May 24.
british tabloid subway citing a survey Shows that one in 10 young people has shoplifted. The same report shows that the crisis is disproportionately affecting young people: 37% of young people have sought financial support to buy food, compared with 5% of those over 55.
Prices have skyrocketed in recent years, with a steady climb from March 2021 onwards. There has only been a recent downtrend, but that’s not enough to ease the pain. The numbers for each month are for the year:
UK inflation rate, February 2021-March 2023
Compare the US numbers for the same period (again, the monthly stats are year-over-year):
US Inflation Rate, February 2021-March 2023
Inflation is a global problem, but the impact varies from place to place.
On Thursday, the Bank of England raise interest rates for 12day It was raised twice in a row from 4.25% to 4.5% in an effort to curb inflation. The central bank has said it expects inflation to fall later this year. The original forecast was for a drop to around 4%, but it is now expected to drop to around 5%.
dealing with pain
Earlier this year, a report suggested that some UK residents were using buy now pay later (BNPL) loans to ease their financial woes during the cost of living crisis.
At the time, more than a third of UK workers took advantage of these loans, with another 15% saying they wanted to use such loans, whereby they receive goods or services and pay in installments, often interest-free.
The problem, of course, is that many cash-strapped consumers are now taking on future obligations, putting themselves at greater risk. In fact, BNPL users are often described as heavily indebted.
These payment products — which do not trigger credit checks, a fact that makes them more attractive to a younger, less creditworthy segment — are now attracting the attention of U.S. regulators, as outlined in a report Javelin Strategy and Research Analyst Written Report daniel case, Buy Now Pay Later Sudden Uncertain Future.
Meanwhile, back in the UK…
In one of the worst signs of Britain’s crisis, pediatric drug Calpol was reported to be one of the most commonly stolen items. news report Says everyday essentials like milk and cheese are labeled safe.
According to the data Compiled by StatistaNearly 275,000 incidents of shoplifting were reported in England and Wales in 2021-22, up from 227,983 in 2020-21. While this is a significant increase, the figures for the previous five years (before the cost of living crisis) were much higher:
- 2015-16: 337,257
- 2016-17: 370,306
- 2017-18: 382,650
- 2018-19: 375,173
- 2019-20: 359,315