“Relentless pressure on households” set to continue as inflation rises

The Money Advice Trust comments on figures showing inflation at 10.4% in February, up from 10.1% in January.

The Office for National Statistics has today published its latest Consumer Prices Index, which shows inflation rose from 10.1 percent in January to 10.4 percent in February.

Findings from a survey of callers to the charity’s National Debtline service found that eight in ten (79 percent) are worried about being able to afford essential bills and items, such as energy and food, due to rising costs.

Joanna Elson CBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said:

“Today’s inflation figures show that the relentless pressure on household budgets is set to continue with no sign of easing soon.

“The continued support for energy bills announced in the Chancellor’s budget is welcome, but for many households the impact of high costs has already taken a heavy toll. And with higher council tax bills imminent and costs remaining high across the board, the situation is only set to get harder, especially for people already struggling.

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