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87% of adults reporting increasing in cost of living according to ONS statistics

The Office for National Statistics ('ONS') has published an analysis of how different groups in the population have been affected by an increase in the cost of their living. In the most recent Opinions and Lifestyle Survey data from 16 March to 27 March 2022, 87% of adults reported their cost of living had increased. The most common reasons given for this were increases in the price of food shopping, gas or electricity bills and the price of fuel.

Some key points of the data indicated:

• Of adults currently paying off a mortgage and/or loan, or rent, or shared ownership, 30% reported that it was very or somewhat difficult to afford housing costs, and 3% claimed to be behind on rent or mortgage payments, in March 2022 (16 to 27 March 2022).

• Among all adults, 17% reported borrowing more money or using more credit than they did a year ago, in March 2022 (16 to 27 March 2022).

• Among all adults, 43% reported that they would not be able to save money in the next 12 months, in March 2022 (16 to 27 March 2022); this is the highest this percentage has been since this question was first asked in March 2020 (27 March to 6 April 2020).

For the ONS statistics, click here.

Julia Queen, Barrister, Coram Chambers