/24-7PressRelease/ - LONDON, UK, May 11, 2008 - The share of household income eaten up by unavoidable outgoings such as housing, rent, food, heat and council tax has increased manifold over the past six years. It means the amounts left over for 'discretionary spending' are at their lowest ebb since 1991. And the economic experts who produce the figures are warning of worse things to come during the next six months.
Forecasters at Capital Economics expect food prices to go on rising at their current rate of 6% per annum for months to come, while gas and electricity prices will jump by up to 10% in the second half of 2008.
The average council tax bill has increased up 4% this year while the average water bill has grown by 5.8%. The findings signify those of the Daily Mail's Cost of Living Index, which has shown families need to find extra 100 a month this year to maintain their current expenditure level. Once higher debt outgoings are added, millions of Britons are having to pay out at least another 2,000 a year to keep their heads above water.
According to the Government's preferred measure and the Consumer Price Index, inflation is running at only 2.5%. The report will definitely pile pressure on Gordon Brown, who blamed Labour's desperate showing in last week's elections on the 'hurt' being felt by ordinary Briton families. The Prime Minister is facing increasing demands from his own party to announce measures to relieve the price rise burden.
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