The inflation rates that consumers on lower incomes are having to contend with are greater than the country's overall CPI rate, it has been suggested, which could affect some people who are already having to deal with
bad credit ratings.
Figures published by the
Joseph Rowntree Foundation have highlighted that a sum of £14,400 is now needed for individual UK consumers to enjoy a minimum living standard.
According to the organisation's research, people who are unemployed are among those who might face financial issues because of recent inflation.
Donald Hirsch, head of income studies at Loughborough University's Centre for Research in Social Policy, which helped produce the research, has noted that things like food price rises may be hitting lower earners.
He stated: "This new research underlines how people living close to the minimum income standard can end up not having enough if economic trends start going against them."
The latest figures from the Office for National Statistics have shown that May saw an annual CPI inflation rate of 3.4 per cent.
Posted by Martin Peacock.
