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Spending becoming tighter, according to Credit Action

Money education charity Credit Action has that household spending is becoming tighter due to rises in inflation in the last 12 months.

The charity says that we are seeing a "perfect storm", where the cost of utilities, food and borrowing is all rising at the same time.

According to Capital Economics, as reported by the BBC, household spending on unavoidable costs like food and utilities has increased to 31 per cent, up from 25 per cent this time last year.

Chris Tapp, director of Credit Action, said: "For most families and people trying to manage their money and trying to budget carefully, that's going to become much harder because there's going to be far more cost associated with just the basic day to day living expenses."

Consumer inflation reached in the UK reached its highest level in 13 months in April according to the Office for National Statistics. Retail Price Index inflation rose to 4.2 per cent, up from 3.8 per cent in March.

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15/05/2008 15:49:31

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