Analyse three consequences of high inflation on individuals in the UK

Inflation is defined as a sustained increase in the general price level over time, and is measured by the % change in the CPI. High inflation can be defined as a level which is unsustainable for the economy in the long run, due to prices rising too quickly for too long, thus becoming an obstacle to sustainable long term economic growth.
High inflation can lead to individuals becoming unemployed. Cost-push inflation is due to factors of production having higher costs, eg oil prices increasing or energy costs rising. Should this take place then firms will face higher costs of production which will squeeze profits, assuming the firm keeps prices constant. This means that firms may be forced to lay off workers as the share of revenue that is needed for energy etc continues to rise, effectively forcing a prioritisation of internal resources away from labour. Similarly if relative inflation is high, which is domestic inflation against foreign, then UK goods and services lose competitiveness against foreign substitutes in the global market. Firms will suffer a fall in demand from abroad, as they must charge higher prices to maintain profit levels at home, whilst foreign imports also become more competitive domestically. This places strain on the firm, which can then require it to make redundancies in order to lower costs and regain competitiveness.
Consumers will lose out when high inflation takes effect as it reduces the real value of their disposable income. Assuming a constant wage, an individual will lose purchasing power as prices rise yet his income remains constant, meaning he can purchase less than before This can result in lower living standards and lower welfare, as households are now consuming less than they did before.
Individuals can also be savers. Here the real value of savings is reduced with rising inflation if the nominal interest rate remains constant. This is due to the Fisher Equation, Real Interest Rate = Nominal Interest Rate - Inflation, which shows how rising inflation can erode the real interest rate. This reduces the real return that individuals get on their savings, potentially making it negative, and thus reducing their overall welfare in the long run.