UK £145 (€163) average rise to monthly essential costs since 2022 began

UK £145 (€163) average rise to monthly essential costs since 2022 began

UK £145 (€163) average rise to monthly essential costs since 2022 began. Image: SB Arts Media/

New research shows how the rising cost of living has impacted household budgets so far this year, and the steps consumers are taking to manage rising prices.

In early September, KPMG surveyed 3000 UK consumers of varying household incomes, finding that essential household costs (food, energy, fuel, mortgage or rent) have risen by an average of £145.50 (€163.36) per month compared to when 2022 began.

The survey findings showed that the highest average monthly cost increase was amongst consumers aged 35-44, who reported paying £194.40 (€218.26) more a month than in January KPMG confirmed on Monday, September 26.

To manage those rising costs, consumers told KPMG how they are adapting with:

  • A third buying more own brand/value products.
  • A third buying more products on promotion/discount.
  • A quarter switching brands.
  • A quarter shopping at less expensive retailers.
  • A quarter buying fewer items.
  • One in five swapping eating out for premium home cook meals.
  • One in ten spend more on credit.

When asked about their ability to still make non-essential purchases:

  • 24 per cent said they had been buying more of the things they want in 2022.
  • 34 per cent said about the same amount as in 2021.
  • 26 per cent said they had been buying less than in 2021.
  • 16 per cent weren’t sure.

Reacting to the findings, Linda Ellett, UK Head of Consumer Markets, Retail and Leisure, said: “Three thousand consumers told us, on average, that rising essential costs have left them £145 (€163) worse off a month compared to the start of the year.”

“Of course, some households are already paying more than this average, and all households still have October’s energy price rise to manage.”

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Written by

Anna Ellis

Originally from Derbyshire, Anna has lived in the middle of nowhere on the Costa Blanca for 19 years. She is passionate about her animal family including four dogs and four horses, musicals and cooking.