Rocketing inflation might not be all bad news, but hard-up families will have to wait a year to find out.
For if the cost of living continues to soar for the rest of the year, as it is expected to, households relying on benefits will see a huge pay rise next April. Next month, benefits will rise by 3.1%, set against an inflation rate of 6.2% in February. However, next year's rise might be a different story.
The rise of 3.1% was based on the inflation figure from September 2021, when the increases were calculated. But since then, inflation has skyrocketed and it's expected to shoot up further, with the Office for Budget Responsibility suggesting that the war in Ukraine and energy costs would push the Consumer Price Index to a 40-year high of 8.7% in the final three months of 2022.
