Brits have spent £150 MORE on clothes this year as prices soar amid cost of living crisis
The BRITS are set to spend £150 more on clothes this year as prices soar amid the cost of living crisis.
It comes as households are already facing a hike in energy price caps, higher council taxes and higher National Insurance.
Data from the Office for National Statistics reveals that the price of clothing and footwear has risen 6.3% since last January.
Research has found that if the rise continues over the year, a family with two children could end up paying £148 more for clothes, according to shimmer.
Households face an overall price increase over the following months, and it is estimated they will be £1,600 worse off when the cost of living crisis hits in April.
Pat McFadden, Chief Shadow Cabinet Secretary to the Treasury, said: “The cost of living crisis is hitting people hard.
“Whether it’s filling up their car to get to work, getting the weekly groceries or paying their energy bills, everyone is noticing. And now the cost of clothes and shoes is also rising. “
The British face a triple whammy…
- Average gas and electricity bills hit £2,000 a year as the government price cap is raised.
- Mortgage payments rise as interest rates are set to double from 0.25% to 0.5% – the second increase in two months.
- Buyers hit by biggest price hikes in nearly a decade
- Gasoline prices are exploding to record highs.
Earlier this week, data revealed that inflation climbed to 5.5%, the highest level since March 1992, when it hit a whopping 7.1%.
Five million workers set to be hit by tax hikes in coming weeks
National Insurance contributions will rise by 1.25 percentage points in April while tax brackets are frozen, meaning workers are effectively taking a pay cut.
Soaring inflation is driving up the price of everything from energy bills to groceries.
A Treasury spokesperson told the outlet: ‘We recognize the pressures people are facing with the cost of living and are providing support worth around £20billion this financial year and next. to help.
“This includes the £500million Household Support Fund to help vulnerable households with essentials – including clothing – over the winter, help with rising energy bills worth by £350 for millions of households, cutting Universal Credit to help low-income families keep more of what they earn, and freezing taxes on alcohol and fuel to cut costs.
“We are also increasing the National Living Wage to £9.50 an hour from April, which means those working full time on the National Living Wage will see a £1,000 increase in their annual earnings. “
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