Inflation jumps to record high as savings lose ‘value in real terms’ – what you need to do

Expert gives cash savers tips to beat inflation

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Inflation figures were released today and the UK saw a record jump in CPI. Prices jumped up by 3.2 percent in August and Neil Messenger, Director – Client and Markets, financial planning from abrdn, commented on what this means for savers: “After a dip in July, the inflation rate has once again returned to month-on-month growth, continuing its upwards march to what is forecast to be a four per cent peak by the end of the year. 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.

“With rock-bottom interest rates, inaction could risk their funds losing value in real terms. For every point inflation creeps up, their hard-earned pound buys that little bit less.”

More to follow…

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