By Cost of living rises at fastest pace since March 1992
The cost of living has reportedly risen at its fastest pace in almost 30 years, the BBC reported.
In the 12 months to December, food prices and energy bills have risen at a staggering rate due to inflation and are expected to rise further in 2022.
Current figures have not been as high since March 1992.
This has resulted in thousands struggling to pay their bills and buy basic necessities for their households.
Paul Johnson, director at the Institute for Fiscal Studies think tank, told the BBC: “Everyone, particularly those on modest incomes, has had a long period of wages not really growing any faster than prices over the last decade, so another increase at this point is going to be particularly painful.”
According to the BBC, ONS chief economist Grant Fitzner said: “These large rises were slightly offset by petrol prices, which despite being at record levels were stable this month, but rose this time last year.”
Inflation is expected to reach seven percent by April, five percent higher than the Bank of England predicted in December 2021.
Chancellor Rishi Sunak said: “I understand the pressures people are facing with the cost of living, and we will continue to listen to people’s concerns as we have done throughout the pandemic.”
He reportedly claimed that the government would be providing UK families with support of up to £12 billion in total this financial year.
Shadow Treasury secretary Pat McFadden added: “These figures show that the cost-of-living crisis is only going to get worse in the coming months.
“Working families are already feeling the crunch.
“But the triple whammy of an imminent rise in the energy price cap, real wages falling and Tory tax rises coming down the tracks are going to make this crisis even worse.”
(Image: Milada Vigerova)
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