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.
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."