“No stretch left” in many peoples’ budgets as inflation hits forty-year high
The Money Advice Trust comments on figures showing inflation rose to 11.1% in October
The latest UK Consumer Prices Index (CPI) figures, published today by the Office for National Statistics, show that CPI rose to 11.1 percent in the twelve months to October, up from 10.1 percent in September.
Joanna Elson, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said:
“With inflation now at a forty year high and rising prices far outstripping wage growth, these are incredibly worrying times. And for a significant proportion of people whose budgets have no stretch left, the pressing and sometimes impossible challenge of how to cover essential bills, including energy, food and housing costs is far more immediate.
“People on the lowest incomes, are being hit the hardest as incomes can’t keep up with the relentless rise in costs. It is now more important than ever that the Chancellor uses Thursday’s Autumn Statement to increase benefits in line with inflation and commits to supporting those in most need through the winter.
“These difficulties are not going away any time soon, however, and it is likely that support for the hardest hit will need to continue beyond the next few months. It is also vital that people are able to access the advice and support they need at this time.
“If you are worried about your finances, you should seek free, independent debt advice from a service like National Debtline or Business Debtline.”
National Debtline provides free, independent debt advice at www.nationaldebtline.org.
Media enquiries should be directed to David Owen at david.owen@moneyadvicetrust.
