While the popular perception is that the cost of living is always rising, since the beginning of the year consumer prices have on average been lower than last year.

In the latest data for July, food, drink, clothing and transport are all cheaper than at the same time last year while, on the other hand, the cost of hotels and restaurants, education and housing has gone up. Falling petrol prices have lowered the cost of transport, but car insurance increases on the way will to some extent counterbalance that.