Jamie O’Halloran, Economist at PBE, said:

“These latest figures show inflation has shot up to 11.1% in the 12 months to October, a new 40-year high and a significant spike from 10.1% in September. This new peak is being driven by surging energy prices, despite the government’s Energy Price Guarantee.

"With real-terms earnings failing to keep up, the national pay squeeze has now entered its 12th month and households are struggling. The latest ONS data shows nearly half (47%) of households are finding it difficult to meet their energy bills and this challenge is only going to worsen as winter takes hold.

“As millions of families struggle with these spiralling costs, the charity sector is reporting overwhelming demand. In the three months to September, Citizens Advice referred an average of 22,990 people a month in England and Wales for charitable support, a 157% increase on the numbers recorded on the eve of the first Covid lockdown. 

“It is vital then that the Chancellor provides targeted support for the most vulnerable in tomorrow’s Autumn Statement. And it is equally important that charitable foundations and other major funders step in to ensure that the social sector has the resources it needs to help the country navigate the difficult months ahead.”

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