FAMILIES will be forced to fork out an extra £1,000 in the run up to Christmas this year due to inflation.
New analysis shows festive season prices have shot up 22 per cent since 2020.
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Larger families are expected to spend £1,400 more than three years ago.
A couple with one child will see a surge of £1,250 while lone parents will pay an additional £750.
The Centre for Economics and Business Research (CEBR) projects households will spend 23.7% more during November and December compared to the rest of the year.
That’s a fifth above the annual average.
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Meanwhile, total retail sales across the UK have been hit by lower growth than last year.
The British Retail Consortium reported total sales in the UK grew by 2.7 per cent in November this year compared with 4.2 per cent in November 2022.
Labour’s Shadow Chief Secretary to the Treasury, Darren Jones, said: “Families work hard all year to be able to enjoy the Christmas period.
“The reality of these price surges is that people will be tightening the belt or going without.
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“Thirteen years of Tory chaos and instability have damaged our economy.
“It’s working people who are paying the price in sky-high bills this Christmas.
“Labour will grow our economy by investing in Britain to boost wages, bring down bills and make people in all parts of the country better off.”
It comes after Martin Lewis revealed his top money-saving tips for the festive period.
The Sun has rounded-up six tips from MSE website and weekly newsletter and The Martin Lewis Money Show on ITV.
Reduce your energy bill
Martin Lewis says that “focusing on energy efficiency” is the best way to “get your house in order” and save money.
In an episode of the Martin Lewis Money Show, he warned that tumble dryers could be pushing up energy bills.
The money saving expert suggested minimising your use, maximising your load and putting it on for less time.
He also suggested getting a dehumidifier as it uses a lot less wattage.
A dehumidifier can help dry clothes by absorbing moisture in the air, though it will be slower as it’s combined with air drying.
But if you don’t have one already, of course you’ll have to cover the cost of buying one first.
You can pick one up for as little as £45 but they can run into hundreds of pounds, depending on the type you buy.
You’ll still have the cost of running the device too, but it could work out as less than a tumble dryer.
Book Christmas food delivery slots early
Christmas is the busiest time of year to secure a delivery slot so you will want to get in early, according to MSE.
Most supermarkets, including Tesco, Sainsbury’s and Asda, have now all released their slots.
Lots of them have been snapped up already, so you won’t want to hang around if you’re keen to get one secured.
The Sun has put together a guide on the exact dates Christmas delivery slots are to be released.
Plan your spending
MSE say that its important that shoppers calculate their budget first before they start planning their presents.
It can be tempting to make sure everyone gets all the gifts they want, but it’s not worth blowing your budget.
The experts at MSE say that being unprepared is a “recipe for ending up broke”.
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There are many free budget planners online – with Citizens Advice and StepChange all offering free tools.
The Sun recently spoke to budgeting expert Lucy Wallington, who explained how to get started and how to keep your finances on track.
