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TUC – UK families have suffered a “decade’s worth of inflation rises” in just three years

Union body says inflation has risen by 20.8% since 2021 – an increase that would usually take 10 years

  • Unsecured household debt on course to hit “record levels” this year 

Commenting on today’s (Wednesday) inflation figures, which show headline CPI inflation at 2%, TUC General Secretary Paul Nowak said:  

“Over the last three years UK families have suffered the highest prices rises in the G7 – with inflation going up more over that period than it usually does over an entire decade. 

“Ministers can try to rewrite history all they like. But the Conservatives have presided over the worst period for living standards in modern times. 

“Food and energy bills have surged. Rents and mortgages have skyrocketed. And real wages are still worth less than in 2008.  

“Working people have paid the price for this government’s failure with household debt also increasing at record levels. 

“We can’t go on like this. We need a government that will make work pay.” 

TUC analysis published this morning (Wednesday) shows that unsecured household debt will rise by a “record” £1,660 this year as families continue to struggle with cost of living.  

Editors note

- Inflation figures: Today’s ONS inflation figures are available at: https://www.ons.gov.uk/releases/consumerpriceinflationukmay2024  
- Inflation rose by 20.8% from May 2021 to May 2024 on the CPI measure. 
- RPI annual inflation in May was 3.0%. RPI rose by 28.0% from May 2021 to May 2024.  
- Highest inflation in the G7: TUC analysis published last month found that the UK suffered the highest inflation and the lowest growth in the G7 in the last two years: https://www.tuc.org.uk/news/tuc-uk-suffered-highest-inflation-and-lowest-growth-g7-last-two-years  
- Today’s ONS figures and latest OECD data confirm UK price rises over May 2021 to May 2024 are highest in G7.  
- About the TUC: The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together the 5.5 million working people who make up our 48 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living. 

Original article link: https://www.tuc.org.uk/news/tuc-uk-families-have-suffered-decades-worth-inflation-rises-just-three-years

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