Families will be £3,000 poorer by Christmas

Already strained budgets are bracing for an extra £3,000 dent in their finances this year as inflation continues to rise.

According to a survey of 2,000 adults by LifeSearch, an insurance broker, and the consulting firm Center for Economics and Business Research, three-quarters of billpayers expect things to get worse this year due to rising costs.

According to the study, the average household expects their spending to increase by £252 a month, or £3,020 a year. But one in 25 people expects to be worse off by more than £1,000 a month if inflation hits the predicted 10 per cent later this year.

CEBR’s Nina Skero warned that rising inflation has put “significant pressure” on household budgets.

“We expect inflation to continue to accelerate in the coming months, driven by energy prices, transportation costs and other key consumer items,” she said.

“This will put further pressure on real purchasing power, meaning the outlook for household finances remains unfavourable.” Families will be £3,000 poorer by Christmas

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