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The recent hike in prices and tips on how to minimise their impact

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28th July 2022

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a plant pot filled with cents and a small plant

Companies across the globe are increasing their prices as high inflation bites.

Below is a graph showing the percentage increases of some recent price changes:

a bar chart showing price hikes announced by several global corporations

Let’s go through each of these price rises and share some tips to help minimise their impact on your finances.

Nestle

Nestle have increased their prices by more than 5%. This food giant is known for making KitKat, Nesquik, Cheerios and Smarties. Brace yourself for more price hikes - the boss of Nestle has warned that more price rises will happen.

To get around this, try minimising buying well-known branded food items and focus more on non-branded generic food items. Don’t be loyal to a brand name in these challenging times.

In fact, there are many alternatives that taste just as good but also don’t cost as much. Some of the most cost-effective non-branded food items can be found in discounted supermarkets such as Aldi or Lidl.

McDonald’s

The price of a McDonald’s cheeseburger is increasing by 20%, from 99p to £1.19. Other items from their menu will also become more expensive.

Why not take this increase as a sign to cut out more takeaway food? Not only will future-you have lower takeaway costs, but future-you will be healthier too!

Create your own tasty cheeseburgers at home for the whole family or cook a big batch and freeze leftover patties. You can source healthier and less-processed ingredients from the supermarket and local butchers.

There are plenty of delicious recipes out there, so why not improve your culinary skills while you’re at it - a worthwhile investment!

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Amazon Prime

Online giant Amazon will be hiking its subscription prices on the 15th of September. Monthly subscriptions will go up by 12% for monthly payments to £8.99. Annual membership will be increasing by 17% to £95.

If you’re currently paying monthly and are set on keeping it, switch over to the annual plan now. If you can afford to pay it all in one sum now, you can get next year at £79.

Another way to save is by taking advantage of the service called Amazon Household. This works by letting customers share their Amazon Prime benefit with another adult member in their household and so cuts down subscription costs.

If you’re a student, you should make use of the six-month free trial of Prime Student. This includes free delivery and unlimited streaming of to TV shows and movies via Prime Video.

Coca-Cola

Drinks giant Coca-Cola is increasing its global prices. This will mean an increase costs of about 5% to consumers like you and me.

While Coca-Cola and drinks such as Sprite and Fanta do taste nice for some, try and cut down on consuming it. Instead save these beverages for more special occasions. Your teeth (and your bank balance) will be happy for it!

If you have a sweet tooth, buy cheaper non-brand alternatives. The taste will not be so different. In fact, the taste might be even sweeter as the price of these alternatives are much kinder to your wallet.

To summarise, don’t be loyal to well-marketed food brands that you may have grown used to. Instead experiment with non-brand alternatives that taste just as well but cost less.

The savings you make will add up and help minimise the eye-watering price hikes.