This means that the cost of everyday essentials is about 9.4 per cent higher than in June 2021.
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The most recent rate of inflation was recorded in June as 9.4 per cent. Inflation simply measures how fast costs have risen year on year, expressed as a percentage. You may have heard the term “inflation” used a lot in relation to this. What do we mean by ‘cost of living crisis’ – and why is it happening?Ī “cost of living crisis” simply refers to a scenario in which the cost of everyday essentials like energy and food is rising much faster than average incomes. This represents a 2.7 per cent increase, in line with average public sector pay and lower than the percentage increase in universal credit, but will still be a thumb in the eye to those struggling to make ends meet. A rise in VAT for hospitality businesses, which will be passed onto customers in the form of higher price pointsĪnd to top it all off, MPs gave themselves a pay rise of £2,000 per year, to £84,000.An increase in the National Living Wage – the minimum wage for over-23s – which is too small to compensate for the rise in living costs, amounting to a real-terms cut for some.The biggest hike in rent prices for social housing tenants in more than a decade.A benefits increase of just 3.1 per cent, in the face of inflation which could hit eight per cent.
#Cost of living increase 2021 free#
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"The housing party is over:" Modest correction in Canada underway.These are the 8 most family friendly neighbourhoods in Toronto.Ontario has seen the worst erosion of housing affordability in 50 years.Renters need to spend at least $3,400 per month to make ends meet in Toronto, a $400 increase from 2021. With record inflation driving up the price of everyday purchases from groceries to transit and interest rates on the rise, Toronto homeowners need to spend at least $6,700 per month to live in the city - roughly $1,800 more than last year. If you feel like it has gotten more expensive to live in Toronto, you’re not wrong.Īccording to data from LowestRates.ca, the cost of living for Toronto homeowners has risen 38% since 2021, while renters in the city have seen a year-over-year increase of 14%.