The party accused Rishi Sunak of “hitting families with triple whammy” as costs continue to spiral. Lib Dem leader Ed Davey has called for a rail fare freeze to help “families on the brink”.

The party predicted that rail fares could go up by 10.7% next March – although the Government said yesterday that next year’s rail fare rise will be below 9% which is the current rate of RPI inflation which is used to calculate rail fare rises.

Inflation figures published today show that inflation has fallen to 6.8% from 7.9% the previous month.

Rail fare increases come on top of average monthly mortgage payments rising by £220, and typical monthly food bills going up by £57 a month.

The Lib Dems said the rises mean that a typical family with one person commuting by train could see their bills go up by £300 a month once rising rail fares, mortgage costs and food shopping are taken into account.

Inevitably, increases in rail fares, mortgage costs and food will also affect people not living in a typical “family” set up, with people who live alone on a single income impacted considerably as well.

‘Government hammering families’

Liberal Democrat Leader Ed Davey said: “This Conservative Government is hammering families with a triple whammy of spiralling mortgages, food bills and now huge rail fare hikes too.

“People are already having to make big sacrifices just to make ends meet, but Rishi Sunak is so out of touch he just doesn’t seem to care. After years of chaos under the Conservatives, people are paying more for less and seeing their hard-earned money disappear.

“The Government needs to finally offer some relief for millions of families on the brink, by freezing rail fares and bringing in a mortgage rescue fund.”