In every scenario outlined by the Bank, the rising cost of living \u2013 as measured by inflation \u2013 accelerates this year, with more uncertainty about what happens thereafter.<\/p>\n
That is the result of rising energy prices which, in turn, push up the cost of people’s food shop.<\/p>\n
The Bank thinks food price inflation could rise to 4.6% in September, and could go even higher later in the year. <\/p>\n
Food and fuel are essentials. Everyone needs to eat and heat. So, lower-income households would be harder hit when these prices rise, because paying these bills takes up a greater chunk of their income.<\/p>\n
The Bank points out that some people can use less energy, or they can dip into savings to pay higher bills.<\/p>\n
That is a lot harder for lower-income families. During Covid lockdowns some families had managed to save. But now, compared with when prices soared in 2022, a greater proportion of lower-income households have less than two weeks of income saved, the Bank says.<\/p>\n
Opportunities to borrow are greater, but that comes with its own challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"In every scenario outlined by the Bank, the rising cost of living \u2013 as measured by inflation \u2013…\n","protected":false},"author":2,"featured_media":422344,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-422343","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/422343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=422343"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/422343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/422344"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=422343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=422343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=422343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}