Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Large cost-of-living gap between rich and poor households persists, think tank warns

Latest news

Browse by category
Business News

Large cost-of-living gap between rich and poor households persists, think tank warns

January 24 2023

Think tank the Resolution Foundation has found that a large cost-of-living gap between rich and poor households remains despite inflation continuing to ease.

In response to data published by the Office for National Statistics (ONS), the Foundation stated that whilst inflation eased towards the end of 2022, it remains particularly high for low income households who 'fall on the wrong side of a large cost-of-living gap'.

It branded an acceleration in food price inflation in December as 'worrying', and said that inflation will need to fall back this year to help ease the pressure on low income families.

Research carried out by the Resolution Foundation revealed that the poorest tenth of households experienced an average inflation rate of 11.9%, compared to 9.2% for the richest tenth of households.

Commenting on the findings, Jack Leslie, Senior Economist at the Resolution Foundation, said: 'Inflation looks to have peaked last October as it continued to ease at the end of last year. The speed at which inflation falls in 2023 will help to determine the duration of the cost-of-living crisis.

'Inflation remains particularly high for low income families who are on the wrong side of a large cost-of-living gap due to the high cost of energy bills and food.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.