Consumers 'must be disciplined' in tight economic conditions

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Consumers 'must be disciplined' in tight economic conditions

A money education charity is warning consumers to "tighten their belts financially" and cut out non-essential expenditure in the wake of rising inflation.

As the cost of food, energy and borrowing continues to soar, Credit Action advises cut-backs, budgeting and better financial discipline at home are the best ways to weather the storm.

Director Chris Tapp's recommendations come as consumer inflation reached its highest level in 13 months in April, according to the Office for National Statistics.

Mr Tapp says: "There is not a nice and easy silver bullet answer allowing people to continue buying all the same things that they have previously and living the same kind of lifestyle.

"For most people what it is going to mean is looking for ways to cut back."

According to Capital Economics, as reported by the BBC, the proportion of domestic income needed to cover bills and food has risen by six per cent over the last six years, with little sign of easing in the near future.
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