Rising fuel, energy and food prices: This is how Preston coped during the 2008 credit crunch
It is going to be a tough year for Preston families.
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The Office for Budget Responsibility said inflation was set to peak at 8.7% at the end of this year and this - combined with rising taxes - will "weigh heavily on living standards in the coming 12 months".
But here in Preston we’re no strangers to these pressures.
In 2008 rising energy prices on global markets lead to an increase in the rate of global inflation which squeezed borrowers, many of whom struggled to repay mortgages.