A word that’s been making the rounds recently is “shrinkflation”, used to describe how everyday items have remained the same price but the size has gone down, leaving consumers scratching their heads as they wonder how the things they bought just don’t go as far as they used to.
According to the Office of National Statistics, more than 2,500 products in the UK have remained at a relatively similar cost while the actual amount has gone down. This “shrinkflation” covers mainly food products and other everyday household items, like toilet rolls.
This shrinkflation is adding even further pressure on everyday households. Not only are costs going up in the wake of the Brexit vote and its impact on the economy, but now those same items are smaller while remaining the same price.
Further woes as IMF downgrade growth forecast
On top of this, the UK’s growth forecast has been downgraded by the IMF as inflation and a slowing economy are factored in. This announcement will likely see further impacts on the pound and investor confidence, which are already low.
Finding a new way out
So, the UK’s growth forecast is down, the pound is weak, Brexit is proving to be very damaging, and the government is borrowing more than it has in the last few years. Simply put, the average UK consumer is in for a rough ride. It’s time to think outside the box to protect yourself and your loved ones.
Learn to Trade
The Forex market could be just the answer that you need. The Forex market is open 24 hours a day, five days a week. It allows you to trade on the world’s currencies, and you can make money on these whether they’re going up or down. And it’s tax-free, meaning you could support your primary income, or even become a full-time trader. Come along to one of our free Forex workshops now to find out more.