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MoneySavingExpert.com launch new bill tracker – and it shows 2.1% increase in household costs

Sep 05, 2017
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MoneySavingExpert.com have launched a new bill tracker that measures the rise and fall of the cost of running a home.

The new index uses official data supplied by the Office for National Statistics (ONS) to create a better picture of how the core expenses faced by families are changing, such as mortgage repayments, electricity, petrol, car insurance and council tax.

The first set of figures from the Bill Tracker show household costs increased by 2.1% in the 12 months to July 2017. While this is lower than the current headline rate of inflation of 2.6%, the new data reveals that core household bills have been rising faster than other expenses - like food and clothing - for the majority of the past 18 months.

The MoneySavingExpert.com Bills Tracker only focuses on the unavoidable costs of living. It strips out items from the main inflation index – ones you’re unlikely to buy often if at all, such as 'rugs', 'door handles', a 'ten-pin bowling session' or 'knitting wool', leaving around 40 expenses you’re highly likely to face every month. In other words - this is a real bills index reflecting typical household costs.

Guy Anker, managing editor at MoneySavingExpert.com said: “What we’re seeing here is the biggest impact of inflation – on the pound in your pocket, the household expenses almost everyone has and the things you spend the most money on.

 “It’s cold comfort for many, but there are things you can do to ease the pinch – the average home can save £300 a year by switching energy provider, you can tackle sky-high insurance costs with a quick comparison, and we know that many make huge savings by haggling with their broadband, phone and TV providers. Spending just a few hours on your outgoings can save hundreds, if not thousands, so it’s well worth doing as costs keep rising.”

Original source - http://www.moneysavingexpert.com/pressoffice/2017/08/mse-bills-tracker-reveals-true-cost-of-living