IPPR responds to latest inflation figures: Cost of living crisis not over
Responding to today’s CPI figures showing prices rose by 4.6% in the year to October, Dr George Dibb, head of the Centre for Economic Justice at IPPR, said:
“Inflation coming down doesn’t mean lower prices – it means that prices are still rising, just not as fast. Today’s data doesn’t herald the end of the cost-of-living crisis by any stretch of the imagination. Prices today are on average more than 15 per cent higher than they were in November 2021. Many households will still be struggling to make ends meet with these higher costs.
“One of the starkest cases is housing costs – 120,000 households renewed their fixed term mortgages every month in 2023. This is because the majority are increasing from below 2 per cent interest rates which will remain high for a long time. That’s almost 4,000 people newly hit by a disposable income squeeze every single day.”