The cost of living in the UK has increased at its fastest rate for four decades as soaring energy bills, rising food and petrol prices continue to push inflation rates higher, putting millions of households across the UK under even more financial pressure.
The latest figures from the Office for National Statistics (ONS) show that the Consumer Prices Index inflation (CPI) reached 10.1% in July. The increase was largely down to food prices and staples including toilet rolls and toothbrushes, the ONS said. Inflation is expected to fall back a little in August, however, according to estimates it could soar to 13.3% in October when the energy price cap rises again which, according to the Bank of England, could push the UK into a recession.
And new research by the Centre for Economics and Business Research has found that 72 per cent of adults across the UK think they will be worse off by an eye-watering average of £252 per month in 2022 - the equivalent to £3,020 over the year.
