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Sharp price rises could cost average household £260 a year if UK leaves EU without a trade deal while richest will be least affected.
Rising inflation is exacerbating benefits cuts, says Child Poverty Action Group, making it harder for parents to make ends meet.
Research shows people who are just about managing will suffer as cost of living rises but wage growth slows and benefits are cut.
Resolution Foundation says inflation, welfare cuts and squeeze on pay will punish least well-off hardest.
The latest statistics released today by the ONS show that average pay has increased by only 0.7% on this time last year, or just 0.3% excluding bonuses.