The words "credit" and "crunch" are common parlance these days.

Most people are feeling pinch, whether it be through rising mortgage payments, utility bills or other spiralling outgoings.

And it's at the supermarket where the squeeze is being felt most — particularly for families.

An Oxford Mail investigation has revealed a basket of everyday goods has soared almost 15 per cent in 18 months.

Our investigation compared the cost of a trolley of 21 basic groceries with their price six and 18 months ago.

It showed prices had soared by 14.67 per cent since May 2007 — and 4.17 per cent since just April this year.

The bill — which included eggs, cereal, cheese, milk, fruit, margarine and baked beans — was £30.93 in May 2007, £34.05 in April 2008 and £35.47 during our latest check.

A pint of semi-skimmed milk — commonly used as an indicator of food-price inflation — rose from 34p to 45p in 18 months — a rise of 32 per cent.

Some say we have had it too good for too long, living on cheap credit and easy access to mortgages and money.

And there is no doubt people got greedy.

But, as with most things, the good times don't last forever and the crest of a wave that we have all been riding was always likely to come crashing down at any time.

That time is now.

This credit crisis has come as a mighty shock to many because a new generation of homeowners cannot remember the last time we were in recession, back in the late 1980s.

But is there any good that can come from this?

Perhaps the Government should now think about making basic financial tuition compulsory in schools, so children can learn about economics and the need to save.

If this crisis has taught us anything, it has surely hammered home the most basic economic lesson of all, that we should all live within our means.