According to research from the Office for National Statistics, more than three-quarters of adults surveyed worry about the increased cost of living.
Inflation rates have hit record highs, petrol prices are over £100 to fill the fuel tank of family car and we've seen a rise in the price of food and energy bills.
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So with the crisis growing, we've been asking the people of Liverpool how you have been coping?
‘I wouldn’t like to see what it will be like in October’


Arthur said: "I wouldn't like to see what it will be like in October when it's set to rise again. I'm not so bad financially, but other pensioners are a lot worse off than we are."
‘Utility bills have doubled’


Sheila said: "Utility bills have doubled. It's just crazy. All the shopping - every week, you're buying something, and it's creeping up."
‘We’ve changed our shopping locations’


James said: "We've changed our shopping locations. It's changed from higher up supermarkets to the lower ones - the likes of Home Bargains and Heron from Asda and Tesco."