Cost of living crisis

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 7 February 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Prices around the world are rising at their fastest level for years. Rising energy prices and a surge in demand after the pandemic lockdown have pushed up the prices of many of the goods that we rely on and our wages are not keeping pace. Tamasin Ford looks at the factors behind the rises and hears why it is often the poorest in our society who are impacted the most. Tamasin talks to Davide Angeletti who owns Ovenbird Coffee in Glasgow; he's looking at how he can cut his costs whilst he struggles to pay his bills; Tehiya Ben Zur is a mother living in one of the world's most expensive cities, Tel Aviv and Claudia Keller, the CEO of Second Harvest Food Bank in Orange County in California. And to explain how inflation is measured and why price rises are felt differently across society, economist Xavier Jaravel of the London School of Economics breaks down the data. (Image: A shopper at a supermarket in London, Credit: European Pressphoto Agency)

Transcript

Click on a timestamp to play from that location

0:00.0	Hello, I'm Tamersinford. Welcome to Business Daily from the BBC. If you're struggling with the rising cost of living, you're not alone.
0:10.1	The anxiety is a very high level at the moment. I really hope these prices are just momentarily up and then they go down because this is going to be unsustainable for the future.
0:23.3	The cost of food, energy and services are going up all over the world. But why are the poorest feeling it the most?
0:31.3	Different people experience different inflation rates and in particular when lower income groups have higher inflation rates,
0:38.2	then we could speak of inflation inequality.
0:41.2	In today's Business Daily from the BBC, we take a look at the rising cost of living around
0:46.0	the world, who it's affecting and why it's happening.
0:53.5	The government just reported today that prices have risen 6.2% between October 2020 and October 2021.
1:01.8	That's the sharpest year-over-year increase in three decades.
1:06.3	If it feels like you're being charged more every time you get to a checkout or every time a bill lands on your doorstep.
1:12.6	That's because you are.
1:13.8	On both sides of the Atlantic central banks are tackling the problem of inflation.
1:18.4	Sri Lanka is facing its most severe financial crisis.
1:22.1	The rising inflation has worsened the food and fuel shortage.
1:25.3	If you thought prices were going up just where you live, you're wrong.
1:29.2	It's happening all over the world.
1:31.9	The anxiety is a very high level at the moment.
1:35.0	We have to switch all the standbys off and put the lights off when not used and put the eating down.
1:44.8	David Angeletti owns ovenbird coffee in Glasgow in Scotland.
1:49.6	It's a roastery with a coffee shop attached to the side.
1:53.2	He's gone to some quite extreme measures to keep his rising bills down.
1:59.0	I have to install a transparent roof. I'm not joking on my roastery,
	...

Transcript will be available on the free plan in -1149 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.