Cost of living goes up in May

Posted by Sam Twyford in Personal Finance on 20 June 2013 - Sam is a Product Manager at checkmyfile

According to the Office for National Statistics (ONS), inflation increased from 2.4%to 2.7% in May this year. Since November 2009 the Bank of England's inflation target rate has been 2 per cent, which has been regularly exceeded.

The ONS said that travel and clothing costs were largely to blame for the increase in Consumer Prices Index (CPI), with air fares soaring by 22% month-on-month – the highest rate on record for this time of year. The unseasonably cold weather meant that outdoor clothing prices were held hire than usual.

Increases in university fees over the past year are also believed to have contributed to the increase in CPI, but the rate increase was stemmed somewhat by falling prices for many food and drink products.

Aston Goodey, Sales director at MGM Advantage, confirmed that with the rate of inflation increasing, it leaves UK households collectively needing to find an extra £17.7 billion per year to maintain the same standard of living as the previous year - equating to an extra £678 per household.

Howard Archer, Chief UK Economist at IHS Global Insight said “We are likely to see consumer price inflation at 2.6% at the end of 2013 and we expect it to then trend down gradually to stand at 2.1% at the end of 2014. There is a very real chance that inflation could finally get down to the promised land of 2.0% early in 2015.”

Sam Twyford is a Credit Analyst at Checkmyfile, has a degree in Business Studies and is an Associate of the Institute of Credit Management. He can be contacted at sam.twyford@checkmyfile.com

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