Energy prices have jumped £700 a year, food costs are soaring, and the latest news from the Office for National Statistics is that UK inflation rose to 9% in the 12 months to April, up from 7% in March.
And while the consumer prices index (CPI) rate of inflation has risen to 9%, the retail prices index (RPI) measure is 11.1%. RPI takes into account the cost of people’s mortgages, so some commentators including many trade unions consider it a more reliable view of monthly outgoings.
There have been calls from the TUC for an emergency budget and a poll suggests 8 out of 10 people now support a windfall tax on energy companies to support the cost of living crisis – a move chancellor Rishi Sunak is said to be considering.
