Beating inflation – can you rise to the challenge?

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly.

This week the latest UK inflation figures were released showing that inflation remains at 2.3%.  Good news, relatively speaking, that it didn’t go up again last month.  However, that’s only part of the picture.  The fact is, as we all know from our weekly or monthly visits to the supermarket, food prices have continued their seemingly inexorable rise – last month by a not inconsiderable 1.2%.  The reason this didn’t lead to a rise in the inflation rate was due to lower air fares compared to a year ago.

It’s higher food prices that really hit families as Scottish Friendly’s most recent Disposable Income Index report has shown.  Families throughout the UK are worrying about rising food prices and are looking for ways to combat them.

We’d like to help families bring down their shopping bill. As part of our Great British Savings Challenge we are providing participants in the Challenge with a shopping list template and pen which allows people to keep a written track of how much they are spending each week.  Our challenge is to get participants to reduce their next shop by between 10 and 20 per cent.  Some of the feedback we’ve had from participants in the Savings Challenge is that having greater physical awareness of their spending means they are more likely to think about goods before they put them in

People are also being more savvy shoppers by, for instance, choosing supermarket own brands or having a shopping list and sticking to it instead of succumbing to the tempting offers available in-store, those taking up the challenge could make a nice dent in their normal spending bill.

What tips do you have to offer our Great British Savings Challenge participants? Let us know.

No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting Advisers may charge for providing such advice and should confirm any cost beforehand.