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The recent massive hikes in commodities has added to this burden, leaving the average family with under 20 per cent of its gross income left over at the end of the month after paying tax and bills. This compares with 28 per cent in 2003.

According to Ernst & Young’s annual discretionary income study, fixed monthly household costs have risen by almost 45 per cent since 2003-04, to account for 53 per cent of a typical households' income.

Jason Gordon, director of retail at Ernst & Young, said: "Many UK consumer segments are clearly feeling the pinch as bog rises in household costs are far outstripping relatively modest wage inflation."

Average monthly mortgage payments are just under £735, representing a 78 per cent increase on 2003-04. They have been driven by higher interest rates and significant increases in the size of a typical mortgage.

However, on the bright side, monthly contributions to defined benefit pension schemes have also risen by 77 per cent since 2003-04, up from £144.26 to £255.20.

"If we go one step further and factor in food price inflation, which official figures have placed at 8.7 per cent in the last year, it’s clear that household budgets are under enormous strain," Gordon said.

"Add in the impact of falling house prices on the consumer’s propensity to spend, and the consumer economy is undoubtedly on a knife-edge.

"Worryingly, though, the worst could be yet to come. If, as predicted, utility prices rise by as much as 40 per cent later this year and interest rates are increased to control rising inflation, consumers and consumer facing businesses will face even bleaker times."