The Office for National Statistics (ONS) has published its latest UK consumer price inflation figures which show that the Consumer Prices Index was at 3.1% in November 2017, up from 3% in October 2017 and at its highest since March 2012.
Commenting on the ONS figures Jane Tully, Director of external affairs at the Money Advice Trust, said “With inflation now at its highest since March 2012, living costs continuing to rise and wage growth unable to keep pace, many households are already struggling to make ends meet. During this festive season we know that more of us are likely to be putting presents on credit this year than last year and we have growing concerns that with high levels of borrowing and the continuing rise of living costs many households are at risk of falling into financial difficulty.”
“Nearly one in seven people say they worry about money every day in the run-up to Christmas. We encourage anyone concerned about money and struggling to cope to seek free advice online from a charity-run service like National Debtline to get peace of mind this festive period.”
TUC General Secretary Frances O’Grady said “Christmas dinner is going to be a lot more expensive this year. Food prices have gone up at twice the rate of wages. The government is failing to deal with Britain’s cost of living crisis. Working people need a pay rise. They shouldn’t have to worry about putting the turkey on the table.”
Today’s figures show that food prices rose 4.4% compared to November 2016. The latest nominal wage growth figures are 2.2%.