More than half of people fear they won't be able to afford bills within months
The majority of Brits believe they will start struggling to pay their bills in a matter of months, a new survey has found.
The closing pincer of energy and food inflation could already be forcing more than 5 million people to choose between eating and heating their homes, according to a Deltapoll survey released on Monday.
An overwhelming 90% of the 1,600 people polled said their cost of living had noticeably risen since January, while 52% fear they will struggle to make ends meet by the end of the year.
Just under one in 10 said they already couldn’t afford their bills, equivalent to around 4.8 million adults nationwide.
Another 12% feared they will no longer be able to in a matter of weeks, and a further 31% in a matter of months.
The poll, carried out for the Daily Mirror, also found 10% have had to choose between heating their home or eating food on an least one occasion.
A nationwide squeeze on family budgets means a rise of just £20 per month on the average household energy bill could throw one in four people into financial difficulties.
Research suggests average utilities bills could soar from £1,971 to more than £2,500 per year before winter of this year.
This is equivalent to an increase of more than £40 a month, indicating millions more people will struggle to stay warm in the cold months.
The overall cost of living is rising at its fastest rate in three decades, driven mainly by sharp increases in raw fuel costs which have had knock-on effects on food and energy prices.
An already steep upward trend in oil and gas prices has been exacerbated by the fall-out from Russia’s invasion of Ukraine.
UK grocery price inflation hit 5.2% in the 12 weeks to 20 March, according to research firm Kantar – the highest rate since April 2012.
Inflation has now overtaken the pandemic as the dominant factor in people’s shopping decisions, retail experts say.
Some food producers believe food price inflation could hit 15% later this year if a peace deal is not reached.
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