Spiralling mortgage costs coupled with high power bills and other household expenses are squeezing millions of people. The 12 per cent figure is substantially higher than the official inflation rate used by the government which would equate to around 5.2per cent over the same two year period. It suggests that the essential bills associated with keeping a roof over your head are rising way ahead of wage increases. Three quarter-point increases in Bank of England base rate, taking it up to 5.25per cent, has been the driving force behind the higher costs. While City analysts suggest this bill is set to rise further with at least one, and possibly two, further increases in the pipeline.

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