Rising inflation set to hit people in debt
Rising inflation set to hit people in debt
Tuesday 14th October 2008
Consumer prices index (CPI) inflation now stands at 5.2 per cent - high above the government's target of two per cent.
It comes as total UK personal debt at the end of August 2008 stood at £1,448 billion, up 6.2 per cent (£83 billion) on the same month last year, according to Credit Action debt figures released this month.
Recent price increases in clothing, footwear, meat and recreation were recorded by the National Statistics agency.
Electricity prices recorded a year-on-year increase of 30.3 per cent, while gas inflation increased to 49.9 per cent from 27.7 per cent in August.
Food inflation rates stand at 12.7 per cent compared to September 2007, while meat prices - driven by bacon - reached 19.1 per cent in September, compared to a year-on-year increase of 17.1 per cent in August.
The daily increase in UK debt stands at £228 million, according to Credit Action.
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