Every time we turn on the news or lift the newspaper these days all we hear about is yet another hike in the cost of living.

The price of basic necessities continues to spiral upwards while incomes remain the same. How are ordinary people to cope with this relentless assault on their domestic budget?

Despite the fact that we have one of the highest rates of fuel poverty, we have seen, and most likely will continue to see, phenomenal increases in our fuel bills.

Just this week we were informed of a 28% increase in the price of Phoenix gas. The average gas bill is now expected to hit £580 that’s an extra £129 squeezed out of a family’s already struggling annual budget.

Those with a home oil heating system haven’t escaped the price hike either. Over the past three weeks alone, there has been six price increases in the cost of oil. Incredibly it now costs over £500 for 900 litres of central heating oil that’s two thirds dearer than a year ago, causing a severe dent in people’s pockets.

On top of this we have been told to expect a 30% increase in electricity prices before the summer.

Diesel and petrol are at record high prices at the pumps at a time when BP and Shell have just announced over £3.3 and almost £4 billion in profits in the first three months of this year.

Even the basic grocery bill is rocketing. The average family’s annual grocery bill has gone up by more than £750. This is against a backdrop of multiple investigations by the Office of Fair Trading into alleged price-fixing by major supermarkets and about 100 well-known leading household brands. This is sadly no surprise. Consumer groups have consistently stated their fear that supermarkets and their suppliers have taken advantage of the recent boom in global food costs to inflate their prices.

All this on top of rates bills, looming water charges and a proposed inner city car parking tax on residents in socially and economically deprived areas like the Markets, Sandy Row and Donegall Pass.

Low income households are being put under terrible strain. Not only are their finances being affected but their health is also suffering. Escalating costs are forcing people into a downward spiral of poverty and depression. I am seeing this first hand, not just as an elected representative but also as a GP.

There is a limit to what we at Stormont can achieve when prices hikes are largely due to global factors outside of our control. That doesn’t mean we should just sit on our hands and do nothing.

Elected representatives must work with the regulators to ensure people are getting the best and fairest deal. We must work to ensure pressure is brought to bear on locally controlled costs and that markets are opened up to end the decades of monopoly enjoyed by energy providers here.

In light of the spiralling costs of living, we must also ensure that action is taken to support those on low incomes before more people are brought to crisis point.

ENDS