Household incomes are being decimated by spiraling inflation, which means that people's money is spreading less far. The Consumer Price Index (CPI) hit a three year high of 5.2 per cent in September, according to Office for National Statistics (ONS) figures released yesterday.
High inflation means that UK households will collectively need to find an extra £46 billion simply to have the same standard of living that they had this time last year. This is equivalent to £736 for every person or £1,768 for every household in the UK, according to MGM Advantage, the pension company.
iMama Expert Becky Goddard-Hill runs through the key things to consider when budgeting for a baby...
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