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Clothes Prices Increase by a Record 13 Percent in a Year
20/10/2011
It has been recently reported that the UK has experienced the largest growth in the price of clothing in over 30 years. According to the Office for National Statistics the average price of clothes and shoes has risen by 13.2%.
These increases have been caused by the rise in price of cotton due to extreme weather conditions in Pakistan and China.
The rate of inflation, as measured by the Consumer Price Index, rose to 4.5% last month. This currently stands at more than double the Government’s target of 2% and means that inflation is higher in the UK than in any other G7 country.Â
Homeowners aged over 55 years who are worried about their price increases and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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