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Last week the Bank of England warned the UK will fall into recession this year as it raised interest rates from 1.25 to 1.75 per cent in a bid to curb rising prices.
It expects the economy to shrink in the final three months of this year and keep shrinking until the end of 2023, blaming rising gas prices following Russia's invasion of Ukraine.
Latest estimates also indicate the average annual energy bill for a typical household will be £4,200 in January.
Inflation, the rate at which prices grow, is also expected to hit 13 per cent.
To help local people, we’ve got a round-up of the support available on our website.
This includes support with your income, help with your bills, help with childcare costs, housing support and more.
We’ve also been awarded a £1.3m grant from the Government's Household Support Fund to be distributed to households in need by the end of September.
This money is for vulnerable households and intended to help pay for food, energy and water bills, and other essential items.
All working age residents claiming council tax support are receiving a £50 food voucher, and all pensionable age residents claiming council tax support are receiving a minimum of a £90 food voucher automatically. These vouchers amount to £822,400.
Food vouchers of £75 are also being paid in one instalment for each child receiving free school meals. These vouchers total about £350,550.
If you need to apply for free school meals, visit the government website.
Grants are also being paid to North Somerset's food banks in Weston and Clevedon, as well as the Salvation Army and handy person service for them to support people in need.
There is also additional money to support people who are unable to meet short-term needs in a crisis, or where they need help to maintain their independence in the community.
This support is available through the Welfare Provision Scheme and the amount of help that can be given will depend on individual circumstances.
Find more information and apply on our website.
Applications can also be made by phone on 01934 888 035 or 0800 138 5665 (10am to 4pm Monday to Friday).
Financial help may also be available if you’re struggling to pay your energy or water bills. Visit the Centre for Sustainable Energy for advice.
Citizens Advice also gives independent advice on employment, debt, benefits and more.
For the latest advice and money saving tips, sign up to weekly emails from Martin Lewis, the MoneySavingExpert.