Cost of bringing up children rising four times as fast as income as child benefit cut The costs faced by a typical two-parent family have jumped by four per cent in the last year, while inflation is running at 2.8 per cent. Meanwhile average earnings rose by only one per cent over the same period. The figure, calculated annually, takes into account the cost of items needed for a basic but not luxurious standard of living ranging from essentials like food, clothing and heating to modest birthday presents and a basic week's holiday in the UK. Alison Garnham, chief executive of Child Poverty Action Group, said: "This research paints a stark picture of families being squeezed by rising prices and stagnant wages, yet receiving ever-diminishing support from the Government over the course of the last year. Every parent knows it's getting harder to pay for the essentials their children need, and they don't feel like politicians see them as a priority. Katie Schmuecker, research manager for the Joseph Rowntree Foundation, said: "The task of making ends meet for families with children has always been hard, but is getting harder, and balancing family budgets has become a perilous and delicate act for hard-pressed parents. Flat lining wages, cuts to benefits and tax credits and the rising cost of essentials is creating a growing gap between income and needs. The next election is likely to be the first since the 1930s where living standards are lower than the last poll. Cathy Jamieson, the shadow Treasury minister, said: "This damning report shows the consequences of David Cameron's cost of living crisis. The Government has targeted cuts in support for families including child benefit and tax credits, and prices have risen faster than wages in 37 out of the 38 months since the Tories have been in Downing Street. With childcare costs rising too it is getting ever tougher for parents trying to make ends meet.