A young mother has shocked the UK when she was reportedly left with no choice but to apply for a bank loan to afford baby formula after prices soared.
“I've never seen this before,” businessman Dave Fishwick, who founded community organization Savings and Loans in Burnley, north of Manchester, in 2011, said on Thursday, according to BBC Radio Lancashire.
The businessman said he was shocked when a young mother reportedly recently came to his community bank, which provides loans to city residents, seeking help buying baby formula for her baby.
That's because baby powder prices have been rising “higher and higher” in recent years, while the cheapest brand has increased its prices by “45%” in two years, he said.
The story came to light after French manufacturer Danone announced a price cut for some of its baby products on Wednesday, after Britain's competition watchdog launched an investigation into the high-inflation market on Monday, The Guardian reported.
But it is up to retailers to ensure the savings reach customers, Dave Fishwick told BBC Radio Lancashire, denouncing a “huge divide in society” that is affecting many families who are struggling to buy goods to meet daily needs.
“There seems to be one side of life where huge bonuses are paid to energy giants and banks, but on the other hand we have children who are starving,” he added, calling on companies to do their part to reduce the cost of living Crisis.