16 July 2013
Millions are having to tighten their belts more as inflation rises quicker than wages, figures show today.
The Consumer Prices Index measure of inflation was 2.9 per cent last month, a 14-month high, while average salaries rose by 1.3 per cent.
A jump in the cost of fuel at the pumps and less discounting by fashion retailers was behind the latest inflation rise, up from 2.7 per cent in May. Inflation was prevented from climbing higher by falls in the prices of fruit, vegetables, bread, air fares and package holidays.
Shadow Treasury minister Catherine McKinnell said: “For ordinary people life is getting harder under David Cameron’s government.” Retail Prices Index inflation, which includes housing costs, rose from 3.1 to 3.3 per cent.
