It’s been revealed the average cost of basic goods and services needed by the average two-child family has risen by £400 a month. The figure comes from a research at Loughborough University that suggests families are experiencing faster inflation than official figures indicate, with the costs increasing by 13percent.
This is four percent higher than the nine percent rate of inflation found in official statistics.
Costs in the UK have risen significantly in recent months, with energy price rises being one of the main factors, partially due to the invasion of Ukraine by Russia, driving a global price surge.
A worrying poll last week revealed that a quarter of Brits are skipping meals to save cash amid the rising cost of living.
The Ipsos poll also showed 51 percent of people were “very concerned” over the cost of living, with 2,061 people participating in the survey.
Food prices have also increased by 9.3 percent, and childcare costs up by 6.7 percent.
Researchers discovered that families were spending an extra £120 per month on energy, £90 more on petrol and travel costs, and £65 on childcare.
The figures form part of research on the minimum income standard (MIS) – an ongoing programme to work out budgets for different household types.
The Joseph Rowntree Foundation are a charity that supports the MIS research, with deputy director Peter Matejic saying families are rationing showers to once a week, giving up milk in their tea and eating cold meals to avoid using the oven.
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He said: “Rising prices are affecting all of us but for the UK’s poorest families there is no escape from soaring costs because so much of their income goes into the basics that everyone needs to take part in society.
“Those on the lowest incomes are now facing dangerously high inflation months ahead of the Bank of England’s projections, and with no adequate support mechanism to protect their families from harm.”
Elderly in the UK are also being impacted by the rising costs, with a report claiming pensioners are facing serious health and wellbeing risks as a result of not being able to afford energy and food prices.
Several charity organisations have been “inundated” with calls from pensions with “real fear” about how they will survive financially.
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Pressure is being put on the government to come up with a plan to prevent families and individuals from falling into poverty as a result of the hike in inflation.
A senior Tory MP has demanded Boris Johnson and Rishi Sunak immediately slash three items to ease the cost of living crisis.
Sir John Redwood said: “I would cancel the National Insurance rise. I don’t think you want to tax work more heavily. The best way to pay your bills is to have a job. Not everybody can do that so you need to be a bit more generous on Universal Credit for people who don’t have any other income coming in.
“I would suspend VAT on domestic heating bills. And then probably do a bit on Income Tax as well. All of this you’ve got to do now. I wanted it done at the beginning of April because I’ve been warning for a long time as have others that this is going to happen.”