Inflation rise adds further strain to millions already under pressure
National Debtline responds to latest inflation figures.
Posted January 17, 2024
The Office for National Statistics has today published its latest Consumer Prices Index, which shows a surprise rate of inflation rose to 4 percent in the 12 months to December 2023.
Findings released by the charity National Debtline show the impact of the recent period of high prices on household budgets and the emotional toll money worries continue to have on people in debt:
- 4.7 million (9 percent) UK adults started 2024 very worried and feeling unable to cope because of their finances.
- Nearly one in two (47 percent) UK adults are worried about their finances this January.
- One in eight (13 percent) people in debt are scared to open mail due to their finances.
National Debtline is urging anyone worrying about money to talk to one of their expert advisers.
David Cheadle, acting chief executive of the Money Advice Trust, the charity that runs National Debtline, said:
“This surprise rise in inflation will only add to the strain felt by millions of people who are starting the year already under pressure.
“Our findings show that 4.7 million people are feeling very worried and unable to cope because of their finances. With energy arrears at record levels and the sustained impact of high costs continuing to be felt, these remain incredibly challenging times for the millions of people trapped in debt.
“For households facing unaffordable energy arrears, urgent support is needed. The Government must act by bringing in a temporary Help to Repay scheme via payment matching and write off.
“I would encourage anyone worried about their finances to speak to National Debtline or another free debt advice service as soon as possible.”
National Debtline provides free, independent, expert advice. Contact National Debtline for free on 0808 808 4000 or via www.nationaldebtline.org.
