Monday 23 October 2017

Winners and losers: Young Families

Cost of living down 2.1 per cent over the past year
National average down 2.1 per cent

The fall in the cost of living for young families has slowed dramatically. It now matches the national average, which has shown that the overall cost of living has fallen 2.1 per cent in the past year.

These young families are benefiting from a 7.1 per cent drop in food prices over the past 12 months. Within this group, biscuits are 10.8 per cent cheaper, with sweets and chocolate down 8.9 per cent. Keeping tots in babygrows and Ben 10 t-shirts is also that bit cheaper, with clothing costs falling a hefty 11.5 per cent.

Childcare fees have dropped like a stone, falling 11.2 per cent. Smaller mortgage bills -- down 0.7 per cent -- have also been a benefit. New duvets and bunk beds are cheaper, with household furnishings about 6.2 per cent down.

Picking up a bigger car to accommodate the kids is less expensive, down 5.2 per cent, but petrol prices have jumped 23.5 per cent in the past year. Insurance bills have increased 6.7 per cent. This means insurance costs have risen by more than 26.5 per cent in just two years.

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