Inflation at 3.8%? Well, maybe using the very narrow assessment used by the government, which excludes most of the basic essentials that people need to live, such as housing!!!

In reality, consumers have seen their monthly outgoings soar by 26% during the past two years driven by higher housing and energy costs, research* has shown.

The amount people spend on bills and living costs has soared, according to insurer Combined Insurance. Consumers are spending around a third more on rent and mortgages than they were two years ago, with rents rising by an average of 30% and mortgage repayments jumping by 33%. At the same time households claim they are spending about 32% more on gas and electricity at an average of £90 a month, while other everyday bills such as television subscriptions and water rates have risen by 30%. Council tax has increased by 22% during the past two years to average £90 a month, while car running costs are 34% higher and spending on food has risen by 20%. Families with children have been particularly hard hit, with their average expenditure on child care soaring by 77% during the past two years, while other spending on children, such as clothes, has risen by 37%.

Nigel Brittle, director of Combined Insurance, said: “The many cost of living hikes are taking their toll on the monthly budget and many Britons are living on the edge with their finances.”

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You will find discount codes to make your money go further and the chance to earn money on the things you’re buying anyway! Shop around, find the cheapest deals & then use Cashback Shopper to buy/sign up & you will get cash back – no catches, no hidden costs, just the best Internet prices & moneyback!

*YouGov questioned 1,983 people during May.

Filed under: Broadband, Electrical, Flooring, Food & Drink, Home & Garden, Insurance, UK cashback