Cost of living crisis “far from over” with no let-up from high prices

The Money Advice Trust comments on figures showing inflation at 10.1% in January, down from 10.5% in December. 

Responding to Office for National Statistics figures showing the Consumer Price Index stood at 10.1% in January, the Money Advice Trust is calling for the Government to postpone its planned rise of the Energy Price Guarantee in April to protect struggling households. 

Findings from a survey of callers to the charity’s National Debtline service show that: 

·         Eight in ten (79 percent) are worried about being able to afford essential bills and items due to rising costs. 

·         Two in three (66 percent) have had to go without essential items, such as food, toiletries or clothing at some point in the last six months, up from one in two (49 percent) the year before.  

Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: 

“Today’s inflation figures show the cost of living crisis is far from over as prices continue to remain high. 

“With council tax and energy bill increases just around the corner, the situation is only going to get more difficult for many more people whose budgets simply won’t stretch any further. 

“The Government needs to reconsider the planned energy bill rise in April, or more people will be at risk of falling into fuel poverty. 

“I would urge anyone worried about their finances to contact a free, independent service like National Debtline as soon as possible. Our advisers will be able to take you through your options and next steps.”