{"id":14563,"date":"2017-10-20T16:19:54","date_gmt":"2017-10-20T15:19:54","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=14563"},"modified":"2017-10-20T16:19:54","modified_gmt":"2017-10-20T15:19:54","slug":"inflation-hike-hits-youngsters-hardest","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/inflation-hike-hits-youngsters-hardest\/","title":{"rendered":"Inflation hike hits youngsters hardest"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div id=\"attachment_14572\" style=\"width: 4042px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-14572\" class=\"size-full wp-image-14572\" src=\"http:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2017\/10\/Inflation-story-.jpg\" alt=\"\" width=\"4032\" height=\"3024\" \/><p id=\"caption-attachment-14572\" class=\"wp-caption-text\"><strong>Photo Credit: Joshua Hornsey<\/strong><\/p><\/div>\n<p>It\u2019s one of the most boring words you will hear in the news more often than not and always seems to mean doom and gloom: <b>inflation.<\/b><\/p>\n<p>In fact, higher inflation directly affects one age group more than any other, the under 30s.<\/p>\n<p>The reasons? Wages, rent and zero-hour contracts.<\/p>\n<p>Mark Carney, Governor of the Bank of England, has announced that inflation rates are set to rise up to 3 per cent, up from August\u2019s 2.9 per cent and the highest since 2012. The increased inflation forecast will inevitably cause interest rates to also rise &#8211; which is currently sat at 0.25 per cent.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Exchange rate changes can boost UK inflation for a long time. <a href=\"https:\/\/t.co\/lGj3DZyTiv\">https:\/\/t.co\/lGj3DZyTiv<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BankUnderground?src=hash&amp;ref_src=twsrc%5Etfw\">#BankUnderground<\/a> <a href=\"https:\/\/t.co\/9G63zsfUDI\">pic.twitter.com\/9G63zsfUDI<\/a><\/p>\n<p>&mdash; Bank of England (@bankofengland) <a href=\"https:\/\/twitter.com\/bankofengland\/status\/921301607870009344?ref_src=twsrc%5Etfw\">October 20, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>So, what is inflation?<\/p>\n<p>Essentially, inflation is where the general cost of living goes up, so your food shop becomes that little bit more pricey and even getting a quick haircut before a night out goes up too.<\/p>\n<p>Sadly, wages have stagnated and for most young people, under the age of 25, this means sticking to the National Minimum Wage of \u00a37.50 or being on a zero-hour contract.<\/p>\n<p>Tony Basten, 23, a student at The University of Westminster told Voice of London: \u201cover the past year, since Brexit, which was expected, I\u2019ve noticed an increase in my weekly food shop and other luxuries.\u201d<\/p>\n<p>Tony also added that rent was a \u201chuge issue with living in London, and that pay from his job and student loan still barely covered rent, let alone food\u201d.<\/p>\n<p>This is particularly worrying for students and youngsters alike living in one of the worlds most expensive cities &#8211; London. With people already struggling to make ends meet whilst studying for a degree, that leaves you thousands of pounds in debt, not to mention the sky-high rent &#8211; things are going to get a little tighter before they get better, that\u2019s for sure.<\/p>\n<p><strong>Words: Joshua Hornsey | Subbing: Charlotte Racher<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; It\u2019s one of the most boring words you will hear in the news more often than not and always seems to mean doom and gloom: inflation. In fact, higher inflation directly affects one age&#8230;<\/p>\n","protected":false},"author":476,"featured_media":14736,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93,134],"tags":[688,3154,3769,3801,5230,7067],"class_list":["post-14563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-uknews","tag-bank-of-england","tag-inflation","tag-london","tag-london-living","tag-rent","tag-zero-hour-contracts"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/14563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/users\/476"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/comments?post=14563"}],"version-history":[{"count":0,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/14563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/14736"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=14563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=14563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=14563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}