PBE Reacts: ONS inflation statistics, February 2022 In response to today’s release of ONS consumer price inflation statistics, Jamie O'Halloran, Economist at Pro Bono Economics, said: “Inflation in the UK is continuing to rise having now exceeded last month’s 30-year high to reach 5.5% in the year to January. With news that regular wages fell 1.2 percentage points in December alone, millions are now facing real challenges to make ends meet. “The rise in everyday food prices will put serious pressure on household budgets for those on low incomes. Between December and January, the price of pasta alone increased by 11.4 percentage points, while the cost of coffee rose six points. “This is fuelling a crippling cost of living crisis that will only drive demand for foodbanks and other charities, which face economic challenges of their own from inflation. “Not only are charities seeing an increase in their running costs, but many are also likely to see a dip in donations as better off families begin to feel more squeezed. These pressures will be heightened by the energy price hike set for April, in addition to the National Insurance increase due to be introduced at the same time.” Contact PBE's press office here.