Despite their wealth, even the royalfamily is not immune to the effects of inflation.
It was “a year of grief, change and celebration, the like of which our nation has not witnessed for seven decades,” Michael Stevens, who oversees the royal family’s finances, said in a statement quoted by theThe details of the royal family’s finances were disclosed in a report also released on Thursday. A good deal of the deficit was due to the death of Queen Elizabeth II and renovations at Buckingham Palace.
While both of those scenarios are uniquely once-in-a-lifetime events, everyday economics is affecting the royal family in the same way it’s impacting regular citizens: Stevens said that due to the rising costs of food and fuel, the family’s operating expenses rose five percent from the previous fiscal year.
Since 2012, the royal family has received a fixed sum to cover its expenses, currently sitting at $108 million . That number hasn’t changed in the past two years, despite rising costs across the board. To supplement that money, the royal family takes some cash from the Royal Collection Trust, which charges visitors to see royal residences.
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