Centre for London response to ONS Inflation figures
Responding to the latest inflation figures, Nick Bowes, Chief Executive at Centre for London said:
“Today’s rise in the inflation rate will confirm what Londoners already know that across the board prices are rising sharply. A cocktail of surging energy prices, increased food costs, higher rents and mortgage costs, rising council tax and public transport fares, all capped by the National Insurance rise represents a squeeze on people’s pockets not felt in over thirty years, and which many younger people have never experienced.
“While some Londoners will be able to absorb the impact by juggling their spend and cutting back on non-essentials, many don’t have that choice and will have to make tough decisions about critical items like feeding their families and heating their homes.
“While the Government have made some moves to soften the impact, they’re likely to come under further pressure to help, especially if as predicted prices continue rising and particularly for those on lowest incomes hit hardest by inflation. Given the difficulties some Londoners face, and to avoid inequality and poverty soaring in the city, the Government need to ensure the benefit cap and Universal Credit keep up with the rate of inflation”.