Inflation has been at about 3% or more for the whole of 2010. Not only are student loan rates no
w likely to rise (over the next year). Food prices are rising even faster than this, other products are likely to follow suit.
Here are some our top tips on how to fight back against the surge in prices:
Buying clearance food & clothes should hinder the worst effects of inflation…
The figures don’t make for happy reading. Prices in our high street shops have gone up by 2.2% over the course of October 2010 alone, their highest increase since January. Food price inflation was even higher, with prices rising by 4.4% over the 31 days to month end.
Why is inflation rising? Trade prices have ballooned in the last year, with essential materials like cotton (up 90%) and wheat (up 47%). You may have seen Primark in the news saying they’ll have to rise their prices due to the price of cotton – this is the same across the board.
Certain types of products in emerging markets, like certain Asian countries are also putting up prices. Meat is a good example of this. Meat prices are up 16% this year. That’s the biggest increase in the last two decades.
You shouldn’t expect these prices to go down in the near future. The Bank of England’s quarterly inflation report recently suggested that inflation would remain high for the next year. So here our top tips to get by in these times of ever rising inflation.
Cut your food bill
Food prices are going to be rising faster than any other sector and that means you really need to think about everything you put in your basket.
We’ve found that Morrisons and Asda are by far the best value for money and it’s possible to do a weekly shop for around £25 or £30.
First off, you need to learn a few more recipes and ones that you can batch up and put in the fridge or freezer. Pasta dishes are cheap to make and can be batched easily.
In terms of meat – turkey, minced beef and pork are the cheapest to live in. Pork is especially good as it’s such a lean meat. Marinate the meat and then serve with cous cous or mashed potato. Try this:
Marinate the pork in honey, chilli powder, pepper and thyme and serve with the above plus some veg – delicious and easy!
Try, Approved Food and Food Bargains for clearance deals.
Please bear in mind that it’s better to buy in bulk due to the delivery charges – get your housemates to order at the same time and the savings could be in! A bit of organisations goes a long way when saving money.
Clothes may rise in price soon
Due to rising cotton prices, clothes are expected to rise but due to the competitive nature of the retail industry, many of the big players can absorb the cost themselves.
Solutions?
– Wait for sales before buying
– Check out charity shops (in richer areas of town)
– Ask older brothers or sister for hand me downs
– Ask for clothes or clothes vouchers for birthday or Christmas
– A stitch in time, saves nine! Repair old clothes before they get worn out.
– Don’t impulse buy clothes and ask yourself how many times you are likely to wear a piece before you buy it! Will you get your money’s worth?
The good thing with the majority of students is that you are all in the same boat. I.e. Nobody is going to be dressing like Jay-Z and Beyonce and if you did, you’d probably look like an idiot anyway.