Many low-income families won't have resources to bear another inflation rise
Responding to new monthly inflation figures that remain persistently high, JRF senior economist Rachelle Earwaker, said:
"With today's rise, the rate of inflation has been over 10% for six months in a row.
"Many will simply not have the resources to bear another shock like this. To put this in context, we found that nine in ten families on Universal Credit said they couldn't afford the essentials in October last year. Since then, inflation has been in double digits for a further five months, with the cost of essentials like food, clothing and utilities soaring.
" According to today's data, food prices have risen by 18% in the year to February - their highest rate in over 45 years - and clothes and footwear have risen by 8.1%.
"These should be flashing warning signs to the Government that tinkering with policies won’t be enough to head off the many escalating crises facing people on low incomes. A much more fundamental shift in our economic and political system is needed to provide the good jobs, social security system and homes we deserve."