Thousands of people have gathered on the streets of London draped in flags and decked in jewels to celebrate the annual Notting Hill carnival, with some describing the festival as a “big statement” on the cultural diversity of Britain. One million people are expected to attend the carnival, which marks the 56th year it has been running. The celebration of Caribbean heritage, arts and culture is one of the biggest and longest-running carnivals in the world. On Sunday the streets in Notting Hill were lined with hundreds of food stalls and bars, with smoke from barbecues and grills filling the air and the sound of soca beats, calypso and steel bands. Ras Sherby, who has been attending the carnival for more than 20 years – and has set up a sound system blasting reggae and dub music – described the festival as the “engine that carries people together every year”. “It’s one big ball of happiness, one big day of fun,” Sherby, 47, said. “Every country’s here and from a cultural point of view, we get to showcase our culture for what it really is.” When asked about the significance of carnival after the recent far-right riots, Sherby said the festivities were “an absolute major statement to these people trying to send some sort of message that there is some divide in the UK”. “I’ve lived more than half of my life in the UK, I feel just as UK as anybody else,” he said. “I’m Jamaican-born but the UK is part of me now and no guy is going to tell me otherwise. Today is a big statement to show them peace and love still reigns in the community.” Preach, a 64-year-old carnival-goer, attended the festival on Sunday morning draped in the colours of the Trinidad and Tobago flag. When asked whether carnival has a renewed significance this year, he said: “No, carnival has always been like this. People come out and they express themselves … carnival started when slaves were freed and carnival was our expression of freedom so we just carry on the tradition.” Earlier this week, organisers at the carnival said the cost of living crisis had affected the number of people participating in the festivities. The chief executive of Notting Hill Carnival Ltd, Matthew Phillip, said rising prices had made things harder. “Staging, event equipment, security, the bands themselves, rising materials for costumes, transport, floats on the parade. All these things have risen dramatically in the last four years, while the bands are struggling to get funding and sponsorship,” Phillip said. Symone Williams, band leader of the masquerade group Genesis, echoed such concerns and said the band had seen a 60% drop in the number of people participating and purchasing costumes, which can cost between £300 and £1,000. “This year is probably the worst year of sales ever,” she said. “The economy is horrible and if you’re going to choose between the costume and living, you’re going to choose your living.” Anni Dhanraj and her daughter, Simran, attended the carnival on Sunday and said some of their friends were affected by rising costs. “The prices for the T-shirts and things with the band have gone up significantly and they’re just doing one day instead of two days. Traditionally they would have done both days in a band because it’s so expensive they’re just trimming down to one,” Anni said. Draped in the Guyanese flag, the mother and daughter said the carnival enabled them to celebrate their heritage. “For me, coming here to London and seeing my culture, fully embodying this procession and the events, the food and everything, it means a great deal to me,” Anni said. Friends Katie, 29, Tahanee Beagley, 26, and Sharna Elford, 26, said they had come to the carnival prepared with their own drinks, with Katie adding she was ready to enjoy the “good music, good vibes and fit men”. “We love celebrating it and we love the culture,” Elford said. “We’ve been to Jamaica and we just love the vibes you get off everyone.” One group of revellers said they had travelled from Amsterdam to celebrate carnival and to represent the South American country Suriname. “I came to represent my country because not a lot of people know about my country,” Destiny Lynch, 18, said. The events on Sunday are often smaller, designated for families and children, while the biggest celebration takes place on Monday with huge crowds and more partying. Deenie Hutchinson said she attended the carnival on Sunday to share her Jamaican heritage and culture with her daughter. “It’s all about diversity, culture, fun times, enjoyment, bringing people together,” she said. “The beginning of carnival is part of my grandparent’s generation so I’ve been able to really share that with, not only my daughter, but everybody else from different cultures.” Tyreece Jacobs, 24, who runs a bar and food stall at carnival selling Caribbean food, said he has been attending since he was seven. “Notting Hill carnival is a place you can come to and connect with someone you would never connect with on a regular basis on the street, people love people out here,” he said.