People in Ballymena and Antrim are worried about the future. Everywhere you look prices are going up. What is the average electricity bill in Northern Ireland?
Power NI which is the largest electricity supplier in Northern Ireland, the average annual bill in July 2022 was £944, which is 55% higher than in April 2021 when it was £610.
Food prices. Between September 2021 and September 2022, food prices in the United Kingdom increased by 14.5 percent. A period of continuous deflation between March 2015 and January 2017 preceded a return to a sustained rise in the cost of food from February 2017 onwards. While food prices were deflating between September 2020 and July 2021, they started increasing rapidly from August 2021 to September 2022. According to Nils-Gerrit Wunsch
Mortgages. This time last year we were placing mortgages with a loan to value of up to 75% at 1.25% for a two year fix. That has risen to circa 5.75%. That would increase your monthly payment from £388 p.m. to £628p.m. An increase of £240p.m.
To ease this you could talk to your mortgage provider about extending the term of your mortgage to help ease the pain.
Petrol. Enough said.