British consumers are convinced that the rate of inflation in the UK is considerably higher than the official figure used by the government, according to a recent study.
Research carried out by Fool.co.uk, has revealed that more than nine in ten people living in Britain disagree with the government’s estimate that puts inflation at 2.2 per cent.
In fact, with debt management woes worsening for millions of people, the price comparison firm reports that on a personal level Britons believe that inflation is up to four times greater than is official asserted.
Furthermore, the typical 40-year-old Briton is convinced that their everyday living expenses are rising at a rate of close to 8.8 per cent.
David Kuo, head of personal finance at Fool.co.uk commented: “The government can boast as much as it wants about its success over controlling inflation.
“However, people feel inflation through the shrinking pound in their pockets they don’t experience it through a theoretical government shopping basket.”
The Credit Action charity’s latest figures suggest that the scale of the UK’s debt management burden increases by close to £1 million every five minutes.