New data released this morning (18 May) has revealed that inflation is rising at the fastest rate seen in the UK for 40 years.
Inflation is soaring due to an unprecedented increase in energy bills, the annual rate of CPI inflation rose from 7% to 9%.
Office for National Statistics (ONS) statistics states this is the highest inflation recorded in the UK since 1982.
Abby Avery, owner at Aylesbury-based children's retailer, Little Moonbeam said: "My target market is young families, and with a young family myself, I know exactly how impossible the cost of living crisis is.
"The way in which bills are rising feels absolutely suffocating.
"It's daunting to open letters that notify us of yet another price hike. As a business, our suppliers are increasing their prices and I am desperately trying to absorb them.
"Mums, who are my customers, need to think about the necessities and are struggling to put food on the table so small businesses like mine are seen as an unachievable luxury."
Analysis of the new findings states that the cost of living rose by £700 on average for UK households last month.
Exportation issues stemming from the war in Ukraine have also affected prices on everyday items.
Dr Jackie Mulligan, the founder of Shopappy, added: "Millions of families and small high street businesses are in an unimaginably difficult place. This terrifying level of inflation is a double whammy for the family businesses that line the UK's high streets.
"They're being hit in the tills and in their own pockets at the exact same time. For now, many are resisting raising prices but at some point something will have to give. Our message to consumers is, if you have less to spend, spend it wisely, not with the online giants but with the local businesses that are the bedrock of your communities.
"Right now, they are depending on your custom more than ever. I hope that the Government will step in to help the thousands of family businesses that are struggling to stay afloat.”