The cost-of-living hit a 17 month high in April which could put pressure on people struggling with debts. The Consumer Prices Index (CPI) shows inflation hit 3.7 per cent. That’s well above the 2 per cent target and is the highest rate since November 2008. On the Retail Prices Index (RPI), which is often used to decide pay rises or pension payments, inflation is up to 5.3 per cent. If you are building up debt problems because of the rising cost of living, it is important to look at debt management plans sooner rather than later. A good solution for people with unsecured debts of over £15000 is an Individual Voluntary Arrangement (IVA) which sees a person pay a more manageable monthly amount over a 5 year period. The Office of National Statistics says rising food prices, fuel costs and higher duty on alcohol and cigarettes have had an impact on the rate of inflation rise.
Cost-of-living at highest rate in 17months
May 19, 2010 By
