The increase in inflation over the past year has left the typical UK household needing an extra £897.73 a year just to maintain their standard of living of 12 months ago.
A study by MGM Advantage has concluded this is how much extra people will need after the latest inflation figures showed the Consumer Prices Index measure rose by 2.6 per cent over the past 12 months.
MGM distribution and marketing director Aston Goodey said: "The surprise rise in inflation will come as a shock for many people who continue to feel the pinch."
Some of those troubled the most will be people who are in debt and are finding the task of paying back what they owe increasingly difficult.
Trade union Unison's general secretary Dave Prentis commented that many are "struggling to make ends meet," with this including public sector workers whose pay has been frozen for three years.
By Joe White