“Energy costs are still 80 per cent higher than in 2021."
While the latest inflation figures today show that inflation remains unchanged at around 4%, Unite the union has warned that the cost of living crisis is far from over.
Data from the Office for National Statistics (ONS) shows that while inflation figures remain unchanged, and while inflation is still down from a 41-year high of 11.1 per cent in October 2022 to below prime minister Rishi Sunak’s stated goal of 5 per cent by the end of 2023, it remains above the Bank of England’s longstanding target of 2 per cent.
The cost of living crisis is continuing to persist, with Unite the union warning that it is far from over.
Unite general secretary Sharon Graham said: “Despite all the talk of the cost of living crisis being over, the truth is that prices are not falling and average wages have not caught up.
“Energy costs are still 80 per cent higher than in 2021. Workers must not be made to pay the price for the government’s failure to tackle the rampant profiteering that has been a key driver of this crisis.”
The Guardian reported in December that profiteering has played a significant role in boosting inflation during 2022.
The report from the IPPR and Common Wealth thinktanks found that business profits rose by 30% among UK-listed firms, driven by just 11% of firms that made super-profits based on their ability to push through price increases – often dubbed greedflation.
Basit Mahmood is editor of Left Foot Forward
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