ITV News Central Correspondent Jane Hesketh has been finding out how families in the East Midlands are making ends meet.
Young families living in Leicester say the rising energy and food prices are their biggest cause for concern.
Parents at the Bewcastle Family centre on the Mowmacre Hill estate say they are trying their best to economise during the cost of living crisis.
One mum at the centre told ITV News Central she is concerned how she'll pay her bills as they increase. Her energy bill which is usually £80 a month had first increased to £160 but now she said it had jumped to £400 a month.
Speaking to ITV News Central parents said they were constantly checking the prices of food they buy and making sure not to waste anything they do purchase.
One father said: "Just using up what you have in the fridge, everyone knows the price of energy has gone up so that is a concern but with a young child you have no choice, you have to keep heating on."
Meanwhile, a Mum told ITV News Central: "I am looking at what I put in my basket, milk, bread, basics, I am not talking about extras."
Another Mum said: "I am trying to be careful and freezing leftovers. We get second-hand clothes for our kids, you can get some good ones."
The cost of living is increasing at its fastest rate for 40 years.
According to the Office for National Statistics, inflation hit double digits in September and has remained there at 10.1 percent.
The Bank of England says it expects inflation to peak at 11 percent, and remain at around 10 percent for a few months before starting to come down.
It says inflation will be at the official target of 2 percent "in around 2 years time".
The price of food and non-alcoholic drink has increased by almost 15 percent to September this year - that's the highest level since 1980.
The cost of low-fat milk has increased by 42 percent and butter by 28 percent
The Bank of England's traditional response to rising inflation is to raise interest rates.
This can encourage people to save, but also means those with mortgages may see their monthly payments increase.