Soaring cost of living hits households

first_img Soaring cost of living hits households whatsapp whatsapp Tags: NULL Share Sunday 20 February 2011 11:06 pmcenter_img KCS-content HOUSEHOLD finances have taken a massive hit this month, according to a Markit index which saw inflation surge to an all time survey high.The cost of living measure showed 85 per cent of households reporting a rise in prices, Markit revealed today.Mortgage holders were particularly downbeat, as price pressures increase the chance of a hike in interest rates.Overall, 34 per cent of surveyed households noted a worsening of their finances in February, with only five per cent reporting an improvement.“An unhealthy combination of high inflation and job worries has caused households to report that their financial outlook has slumped back to the levels seen during the worst part of the recession in early 2009,” said Tim Moore, senior economist at Markit.Rising prices have largely hit those on low incomes, he said.The household finance index slipped to 35.6, down half a per cent from January’s rate, and well below its long term average of 38.5.However, the score was largely driven down by government sector employees. Respondents in the private sector actually recorded an improvement in their finances, with an index score of 37.8, slightly up from January’s 37.6.And public sector workers remained especially pessimistic, with over half (58 per cent) reporting a negative 12-month outlook for their finances and only 13 per cent expecting an improvement.Meanwhile, young people (aged 18 to 24) reported a record fall in their job security. Overall, around a quarter of respondents signalled a decline in their job security, with only seven per cent reporting an improvement. Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comlast_img read more