Posted May 18, 2022
The latest UK Consumer Prices Index (CPI) figures, published today by the Office for National Statistics, show that CPI rose to 9 percent in the twelve months to April, up from 7 percent in March.
Research from March on the impact of rising costs on households, from the Money Advice Trust, the charity, which runs National Debtline and Business Debtline, found that:
- One in eight (an estimated 6.2 million) UK adults had already gone without heating, electricity or water in the last three months
- One in five (an estimated 11.6 million) worry about money every day
- One in five (19%) expect to have to borrow money to pay for essentials
- Over a third (34%) had already cut down on non-essential spending.
“Today’s inflation figures should raise the alarm on the urgent need for support for households struggling to cope with rising prices.
"At National Debtline and Business Debtline we are already hearing from people whose incomes are unable to cover essential costs. Unless further action is taken, our fear is that more people will be left with impossible choices trying to meet basic needs.
“With borrowing on the rise and budgets in such a fragile state, there is also a real risk of an increasing burden of debt at the worst possible time.
“Targeted support, including uprating benefits in line with inflation, is urgently needed to help people feeling the strain now.
“If you are worried about your finances, you should seek free, independent debt advice from a service like National Debtline.”
National Debtline provides free, independent debt advice at www.nationaldebtline.org.