Inflation has affected those on lower incomes worse than those on higher incomes, according to the Institute for Fiscal Studies (IFS).
According to the BBC, the IFS says that the poorest fifth of households have suffered an average annual inflation rate which is nearly 60% more than that of the richest fifth over the last decade.
The poorest 20% experienced a rate of 4.3 per cent, while the richest 20 per cent experienced only 2.7 per cent. The lowest income earners are defined as those earning up to £13,052. The highest earners have an income in excess of £37,336.
According to the BBC, higher earners have benefited more from lower mortgage rates. Lower earners are forced to spend a higher proportion of their pay on essential commodities such as electricity and food.