Inflation sends essential household spending to record £483 p/w
Official figures from the Office for National Statistics (ONS) have revealed that household spending rose to a record £483 per week in 2012, thanks to stupid inflation.
Higher energy costs, rising transport prices and higher rent are also big reasons why everyone's being rinsed at the moment. Basically, everything that is absolutely essential to live is more expensive.
The rises in essentials have seen an obvious fall in non-essentials, with spending in furniture, cars and such, all falling.
The average cost of fuelling a house stands at £63.30 pw and transport is costing us, on average, £65.70 pw. Reports say that taking inflation into account, there's been a drop in household spending.
Michael Ossei, personal finance expert at uSwitch.com says: "When it comes to balancing the books, we are treading a fine line. It will only take an unexpected price hike or emergency at home to push us over the edge and into the debt spiral.
"For many consumers, everything is shooting up except their income. Unprecedented hikes in essential bills such as food and energy are forming an increasingly large hole in people's pockets. The shock increase in the consumer price index in November will do nothing to help the situation. We are facing a winter of discontent."