Jamie O’Halloran, Economist at PBE, said:

“lnflation has towered to a level not seen for 40 years and wages are falling in real terms. This is fuelling a cost of living crisis that continues to bite.

“The reality of this price spiral can be found in the most basic essentials. The cost of milk has risen 15.1% in the past year, while pasta and meat have become 16.1% and 9.9% more expensive respectively over the same period.

“This is crushing the budgets of those on the lowest incomes who have been turning to foodbanks and debt advice charities in increasing numbers.

“The Chancellor's recent support package was very welcome, but the social sector is still facing a triple assault on its finances. Demand for services and the cost of providing support continue to rise, whilst donations fall from an increasingly stretched public and inflation erodes the value of grants, regular donations and reserves.”

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