Families in Britain who are on benefits are set for a large rise in their payments in 2023 due to the increasing levels of inflation. Government support will only rise by 3.1 per cent next month as the inflation figure was calculated last September.
However, inflation has doubled according to latest figures to 6.2 per cent for February 2022 and is expected to increase even further during the course of the year. The Office for Budget Responsibility has indicated that the soaring energy prices and war in Ukraine could push the percentage to 8.7 for the final three months of 2022 - which is a 40-year high.
The Bank of England have warned that if the energy price cap does go up again in October as expected, inflation could hit 10 per cent or more. For families on lower income, these rises in inflation means less disposable income but there is a glimmer of hope for the next financial year.
