The so-called cost of living crisis has hit households across the country. Several crises have combined to create a desperate environment in which the price of electricity and gas bills, fuel and consumer goods have soared. Many Britons will have noticed a strain on their purse strings for the first time in years. However, according to a new report, the public will be all too familiar with the crisis, with a similar event occurring just a decade ago.

British Future, a UK-based think tank, recently compiled and published a report based on findings spanning 2012 to 2022 – the Queen’s two most recent Jubilees – titled ‘Jubilee Britain’.

In it, they found that Britons were seriously concerned about the cost of living in 2012, as 61% of respondents admitted it was their biggest concern.

Fast forward to today, and the report also revealed: “The cost of living worries us more than anything else, with 70% of people citing ‘rising prices and bills’ as one of their top three concerns.”

While the concerns are nearly identical, the backdrop for the cost of living crisis in 2012 and 2022 is a world apart – even though the economic downturns may be similar.

It’s hard to compare the two, because while we can assess the recession of 2008 – which led to the cost of living crisis soon after – today’s crisis is still unfolding.

A report by the Institute of Fiscal Studies (IFS) said: “The financial crisis erupted in 2008 and was followed by the deepest recession in the UK and much of the western world since the Second World War”.

The 2008 recession was due to falling house prices in the United States and a number of borrowers unable to repay their loans.

However, the current crisis is not due to a single factor.

Rather, it is due to a number of issues including, but not limited to, the COVID-19 pandemic and the economic havoc it has caused; an extremely cold winter 2020/2021 which saw an increase in energy demand; and the war in Ukraine.

When COVID-19 receded, there was a brief economic boom, which in turn drove demand for energy and quickly affected prices.

There were then environmental concerns as some fossil fuel industries were shut down around the world, which made differences in UK energy prices.

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The Institute of Grocery Distribution (IGD) last week predicted a 15% increase in the cost of staple foods.

This includes things like meat, dairy, grains, fruits and vegetables in the coming months.

The IGD said the price of products that depend on wheat for food – things like poultry – are likely to skyrocket in the short term.

Overall, the study predicts the average monthly food bill for a family of four will hit £439 in January next year, up from £396 for the year.

There was an increase in the price of raw materials affected by transport and distribution costs.

A recent report from the Office of National Statistics said: “Between 16 March and 27 March 2022, the most common reasons reported by adults for the increase in the cost of living were an increase in: the price of food purchases 88%, gas or electricity bills 83% and the price of my fuel 77%.