The continued increases to UK living costs are leading to households in need of up to £1,342 extra money to maintain the same living standards they enjoyed merely two years ago.
Figures released by Sainsbury's Finance show that inflation has had a big impact on UK homes. The last month has seen unexpected rises in inflation, and coupled with government austerity measures households are having to tighten their purse strings to survive the coming months.
Director at Sainsbury's Finance, Hillary Williams, said: “There are many external factors impacting the price of goods and fuel which means the cost of living is on the rise. In challenging economic times, people think about their purchasing in different ways.”
Official figures from the Office for National Statistics revealed that consumer price inflation increased to 3.2 percent in October, despite analysts expecting it to stay at 3.1 percent. High fuel costs contributed to the increase, as did overdraft charges and computer prices.
The actual amount needed by families varies across the country, £1,342 is the London figure and it drops slightly to £951 in the North.