Money Advice Trust responds to latest inflation figures
The Office for National Statistics has today published its latest Consumer Prices Index, which shows the rate of inflation fell to 7.9% in the 12 months to June 2023, down from 8.7% in May.
Findings from a recent briefing by the Money Advice Trust show the impact high costs have already had on households. Based on a series of UK wide polls, the charity, which runs National Debtline and Business Debtline, found:
· An estimated 5.5 million people (1 in 10 UK adults) were behind on their energy bills in April – an increase of 2.1 million compared to March 2022.
· 3.7 million more people are behind on household bills, compared to March 2022.
Responding to the latest inflation figures, Joanna Elson CBE, chief executive of the Money Advice Trust, said:
“While today’s figures point to inflation slowing, sustained high costs have already inflicted severe damage on many peoples’ finances, including many callers to our National Debtline service.
“As ever, it’s those on the lowest incomes who face the hardest choices and are most at risk of difficulty as debts can quickly build up.
“With millions of people now behind on essential bills, including energy and council tax, it’s vital the Government takes action to support people feeling the full effects of these high costs.
“This should include a Help To Repay scheme to help people with unaffordable energy arrears, and ensuring the benefits system provides enough for people to live on through an Essentials Guarantee.
“I would urge anyone who is worried about their finances to seek free, independent debt advice from National Debtline as soon as possible.”