‘Prices still high, budgets still stretched’ despite fall in inflation

The Office for National Statistics has today published its latest Consumer Prices Index, which shows the rate of inflation was 6.8 percent in the 12 months to July 2023, down from 7.9 percent in June.

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

“This fall in the rate of inflation is an early sign that the relentless pressure of rising prices is beginning to ease.  Our hope is that this is the case, but the reality for millions of people is that they are far from out of the woods. Prices are still high, budgets are still stretched and millions are struggling to cope.

“Ensuring there are safe routes out of debt for those most severely affected by the cost of living is now vital.  I would urge the Government to remove barriers preventing people accessing debt solutions, including reducing or waiving fees for debt relief orders and bankruptcy.

“Anyone worried about their finances should contact National Debtline as soon as possible.”

National Debtline provides free, independent advice on 0808 808 4000 and at www.nationaldebtline.org