CPI Inflation is expected to have been around 6% in January, a new 30-year high, when the latest figures are released on Wednesday.
Price rises we know about include: diesel prices hit new highs on Friday (AA), food price inflation almost doubled in January to 2.7%, its highest in a decade (British Retail Consortium), used car prices were up 31.3% in the year to January (Auto Trader).
Figures released on Tuesday are likely to show real wages (taking inflation into account) have fallen.
Sarah Coles, senior personal finance analyst, Hargreaves Lansdown, said: “Inflation is likely to have hit another 30-year high in January – pushing up towards 6%.
“We’re all well aware of the cost-of-living crisis crushing our finances harder with every passing day.
“However, at the same time, there’s a far more subtle squeeze underway, as inflation wrings the spending power out of our savings.
“We’re already facing the toughest spending squeeze for decades, and things are likely to get worse before they get better.”
