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Rising cost of living squeezes family disposable income

It has been revealed that between 2007, when the credit crunch began, and 2008 the cost of living for a family in the UK increased from £459 a week to £471 a week. This is a 2.6% increase despite the fact that unemployment has been rising, incomes have been falling and more and more families are falling into the debt trap. So what is behind the rise in the cost of living in the UK?

There is no doubt that the rising cost of fuel, energy bills and food have led to the increase in the cost of living at a time when fewer and fewer families in the UK can afford these extra charges. While figures for 2009 are not yet available it is thought that the cost of living would have risen yet again even though for much of the year inflation was near zero or negative, depending upon which measurement you use. Energy bills continue to rise, food prices in general are moving higher and the cost of fuel is as volatile now as it has been in recent years.

It will take some time for wages to catch up with the ever increasing cost of living especially when you consider that unemployment has not yet topped-out and many companies are still looking to cut costs from their baseline.

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