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Great Britain Witnessing Historic Surge in Food and Consumer Goods Prices in 2021

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The British newspaper The Independent reported that food prices rose to historical levels in the country by 25%, and a study showed that if Britain had remained in the European Union, it would have recorded an increase of 17%.

The newspaper cited this from a study by the London School of Economics, which showed, according to analysts, that the cost of basic consumer goods in Britain rose by 46% compared to 2022.

Experts also stressed that the bureaucratic restrictions associated with the country’s exit from the European Union cost British citizens 6.95 billion pounds, or the amount of 250 pounds per family.

Notably, earlier in February 2023, house prices in the United Kingdom recorded a decline of 1.1 percent compared to the same month in 2022.

This decline was a record for the last 11 years.

Nationwide Building Society Bank experts attribute the decline in housing prices to a decrease in consumer demand, which was affected by higher inflation and higher mortgage rates.


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