Inflation drops to 7.9% – what does that mean for mortgage and savings rates? The This Is Money podcast
Earlier this week, the consumer price inflation measure fell more than expected, driven by a decline in transport and food prices.
It fell to 7.9 percent in June, a bigger drop than expected, according to the Office for National Statistics.
This was the lowest CPI rate since March 2022, when inflationary pressures began to reinforce the overall figure.
So what does that mean for the typical household and for potential future base rate hikes? Lee Boyce, Sam Barker and Georgie Frost dive into CPI and what it means for mortgages and savers.
And as for savers, two data this week suggest a mixed picture for our financial resilience.
On the one hand, a study suggests that one in three people don’t have enough savings for an emergency — and on the other hand, a third of savers earn 1 percent or less, and for some, that’s on five-figure pots.
If inflation continues, retirees could see a significant rise in state pensions – if politicians keep their ‘triple lock’ promise.
Data shows that the annual state pension in 2030 is likely to be between £13,000 and £14,000.
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