Sumary of Inflation jumps to record high as savings lose value – ‘like a sledgehammer to savers’:
- Inflation figures were released today and the UK saw a record jump in CPI.
- While the Bank of England still expects rising rates to be temporary, savers need to be doing what they can now to ensure the value of their cash keeps pace with, or exceeds, inflation.
- For every point inflation creeps up, their hard-earned pound buys that little bit less.
- “While last month saw inflation at a somewhat subdued level compared to expectations, prices have jumped in August as supply chain issues continued to bite with CPI up 3.2 percent year-on-year,” he said.
- “It will be hoping, however, that the inflation pressures being experienced around the world will ultimately prove to be transitory given the latest consumer price data out of the US yesterday saw a tempering of price rises.
- ” ‘Winter of uncertainty’ awaits as Delta variant issues loomThis inflation news will be a particularly bitter pill to swallow as recently released GDP figures showed “disappointing” levels of growth.
- Last week, the latest UK GDP figures were released by the Office for National Statistics and Paul Craig, a portfolio manager at Quilter Investors, commented on the results.
- “Given July’s stat includes ‘freedom day’, a 0.1 percent GDP growth figure for July is fairly disappointing,” he said.