BRITS are set to spend £150 more on clothes this year as prices are soaring amid the cost of living crisis.
It comes as households are already facing an energy price cap rise, higher council taxes, and a National Insurance hike.
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Data from the Office for National Statistics reveal the price of clothes and shoes has risen by 6.3 percent since last January.
Research has found that if the rise was maintained over the year, a family with two children could end up paying £148 more for clothes, according to Mirror.
Households face an overall increase in prices in the following months, and it is estimated they will be £1,600 worse off when the cost of living crisis bites in April.
Pat McFadden, Shadow Chief Secretary to the Treasury, said: “The cost-of-living crisis is hitting people hard.
“Whether it’s filling up their cars so they can get to work, doing the weekly food shop, or when they get their energy bills, everyone’s noticing it. And now the cost of clothes and shoes are on the rise too.”
Brits face a triple-whammy of…
- Average gas and electric bills hitting £2,000 a year as the Government’s price cap is raised.
- Mortgage payments going up as interest rates set to double from 0.25 per cent to 0.5 per cent – the second increase in two months.
- Shoppers hit by the highest price rises in nearly a decade
- Petrol prices to rocket to record levels.
Most read in Money
Earlier this week data revealed that inflation has soared to 5.5 percent, the highest level since March 1992 when it had reached a whopping 7.1 percent.
Five million workers are set to be hit by tax rises in the coming weeks
National Insurance Contributions will go up by 1.25 percentage points in April while tax bands will be frozen, meaning workers are effectively taking a pay cut.
The soaring inflation is pushing up the price of everything from energy bills to groceries.
A Treasury spokesperson told the outlet: “We recognise the pressures people are facing with the cost of living and are providing support worth around £20 billion this financial year and next to help.
“This includes the £500 million Household Support Fund to help vulnerable households with essentials – including clothing – over the winter, help with rising energy bills worth £350 for millions of households, cutting the Universal Credit taper to help low-income families keep more of what they earn, and freezing alcohol and fuel duties to keep costs down.
“We’re also raising the National Living Wage to £9.50 per hour from April, meaning people working full time on the National Living Wage will see a £1,000 increase in their annual earnings.”
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