Families across the country will be bracing themselves for financial crisis over the coming months as the cost of living rises at its fastest rate in decades.
The Office for National Statistics (ONS) recently revealed that consumer price inflation – a measure of the rate of increase in the price of goods and services – hit 5.4 per cent in December, its highest since 1992.
And household budgets are likely to be squeezed further this year with price hikes predicted in various parts of the economy.
Use this cost of living calculator to see how much worse off you could be a month: Soaring wholesale gas and electricity prices have seen swathes of energy suppliers going bust in recent months.
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