Cost of Living

Overview (Office for National Statistics (ONS))

The cost of living has been rising in recent months in the UK and across the world.

Food and energy prices have been rising markedly over the past year, particularly gas prices, largely in response to the conflict in Ukraine. Global recovery from the coronavirus (COVID-19) pandemic is putting further pressure on prices.

In the UK, the price of consumer goods and services rose at the fastest rate in four decades in the year to October 2022. The annual inflation rate reached a 40-year high of 9.6% but has since eased to 8.8% in the year to January 2023.

The real value of pay has fallen over the year by 2.5%, one of the largest drops since records began in 2001, as pay increases fail to keep pace with inflation.

Working days lost to labour disputes in December 2022 are at the highest level since November 2011 (843,000 days) because of strikes among NHS staff, railway workers, postal workers, and civil servants.

Around 9 in 10 adults (94%) reported their cost of living had risen compared with a year ago, while 69% reported it had risen compared with a month ago. The most commonly reported reasons given were rises in the price of food shopping (95%), gas or electricity bills (73%), and fuel (39%).

The following provides an insight into the rising cost of living in County Durham and provides links to national data and analysis.

Financial Vulnerability in County Durham Dashboard


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