At the same time without further action, the basic rate of social security in 2022/23 will be the lowest since 1982, at a time when inflation is at a 40-year-high, according to new analysis by the Joseph Rowntree Foundation and Loughborough University.
The family budgets have been calculated using the Minimum Income Standard (MIS), produced by the University’s Centre for Research in Social Policy for JRF and based on items the public think are needed to achieve an acceptable standard of living.
Costs for families with two children have risen faster than the 9% rate of inflation in the official statistics, seeing the largest year on year increase since the Minimum Income Standard started to be used in 2008.
For more information and data follow the link to the BBC.
Research by the Centre for Research in Social Policy finds families are facing increases in costs of £400 per month
New analysis from the Centre for Research in Social Policy shows that families with children are paying up to £400 more per month, to meet the cost of basic items such as food, rent and heating. The impacts of inflation are being felt sooner and harder by those on the lowest incomes, who spend a higher proportion of their incomes on essential items.