Enjoy The Dream Condition For Savers While It Lasts!

20th July 2024

According to data from the newswire, Newspage, the Bank of England has only managed to keep inflation at its target for 30 percent of the time since it gained independence in 1997. So, it was good news to see that the headline inflation rate, as measured by the Consumer Prices Index (CPI) has remained at target for another month. In the 12 months to June 2024 CPI was 2% once again. No change from the 12 months to May 2024.

However, inflation was expected to have eased a little, so this news means that the base rate cut that is expected, may once again have been pushed out to later in the year. We'll have to wait and see but when it does happen, it will of course have a negative effect on savings rates.

In the meantime, 90% of live savings accounts are paying an interest rate that beats inflation - but there are still accounts out there that are paying less than 2%. So, if you hold one of these accounts you are not only missing out on extra interest, but the real value of your cash is depleting too!

https://savingschampion.co.uk/