Rising inflation “weighing heavily” on household budgets

The latest UK Consumer Prices Index (CPI) figures, published today by the Office for National Statistics, show that CPI rose to 9.1 percent in the twelve months to May, up from 9 percent in April.

As average food bills alone have risen by £380 a year, and with rising fuel prices and household bills showing no sign of abating, the charity warns that more support is needed for people on the lowest incomes.

Joanna Elson CBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: With inflation now at 9.1 percent, rising costs are weighing heavily on household budgets.  For many people, the increasing burden of high prices is already taking its toll and is only adding to the difficulty of meeting day-to-day costs.

“At National Debtline and Business Debtline we are hearing from more and more people with deficit budgets – where their income simply isn’t enough to cover their basic needs. Our worry is that options are running out for people who are already in financial difficulty.

“The package of further support recently announced by the Government goes some way towards helping households under pressure.  For those on the lowest income, however, urgent action is needed, including significantly raising benefits.

If you are worried about your finances, you should seek free, independent debt advice from a service like National Debtline.”