Living costs soar up by 39 million in the UK
New figures suggest that to maintain the same standard of living as previously enjoyed, UK households will have to spend an extra £39 million.
The report suggests that this equates to an extra spend of £629 per person over the year and works out at about £1,500 per household in extra expenses to have the same standard of living as last year. If household do want to maintain current living standards, the total house hold expenses will be going up to £35,363.
The elderly are also affected by this inflation; a house hold where the occupants are over 65 will see an average increase of £934 if they want to maintain living standards. The latest CPI rate of 4.4% will continue to affect the elderly financially until it changes.
The worry is that families will have to reduce savings to pay for this increase in living expenses and the elderly might have to dip into savings.
Story link: Living costs soar up by 39 million in the UK