Economists predict a fall in the cost of living in 2014
3 January 2014 Last updated at 12:42 GMT
BBC Breakfast has asked people to share their experience of the cost of living, which has been rising faster than average wages since the financial crisis hit five years ago.
"Things are on the up," said one couple, while one woman said, "If it is improving, it's mainly for the rich people".
However, earnings will rise faster than inflation in 2014, according to two-thirds of the senior economists polled by the BBC.
But Sarah Hewin from Standard Chartered Bank told Dominic Laurie she disagreed with the majority, saying: "It's going to take time for earnings to catch up."