UK inflation impacts vary; cost-of-living crisis highlighted.
A new study has revealed the varying effects of inflation on households in the UK. The research, conducted by the Resolution Foundation, showed that the cost-of-living crisis is impacting different households in different ways. The study found that the households with the lowest incomes are being hit the hardest by rising prices.
The study showed that the poorest households in the UK have seen inflation rise three times faster than the richest. This means that their incomes have not kept up with the rising cost of living. The report also found that the poorest households are more likely to spend a larger share of their income on goods and services that have seen the biggest price increases. This includes food, transport, housing and utilities.
The Resolution Foundation found that the cost-of-living crisis is being felt across the UK, but it is particularly acute in London. Londoners have seen their cost of living increase by more than 10% since 2013, while the rest of the UK has seen a 6% increase. This is due to a combination of rising housing costs and higher transport costs.
The study also found that the cost-of-living crisis is having a disproportionate impact on women. Women are more likely to be in part-time or low-paid work, and so are more likely to be affected by rising costs. The report found that women are twice as likely as men to be living in poverty.
The Resolution Foundation has called on the government to take action to tackle the cost-of-living crisis. The report recommends increasing the minimum wage, providing more support for low-income families and introducing measures to reduce the cost of housing. The Foundation also argues that the government should do more to ensure that the poorest households are not left behind as the cost of living rises.