Small drop in inflation will do ‘little to ease pressures’ on household budgets

The Office for National Statistics has published its latest UK consumer price inflation figures showing the Consumer Prices Index was at 3% in December 2017, down from 3.1% in November 2017.

Findings published today from the Institute for Fiscal Studies also reveal that around a quarter of the lowest income households are struggling with arrears or high debt repayments.

Commenting on both of the findings Joanna Elson OBE, chief executive of the Money Advice Trust said “This small drop in inflation will do little to ease the financial pressures on many households’ budgets. At National Debtline we hear from thousands of people a week who are struggling to make ends meet as the cost of living increases and wages are unable to keep pace.:

“The Institute for Fiscal Studies’ findings that a quarter of low-income households are struggling with debt further confirm the challenges facing millions of households across the UK this year.”