Inflation Dips to 7.9%: What Does it Mean for Mortgage and Savings Rates? The This is Money Podcast
Earlier this week, the consumer prices index measure of inflation dropped more than expected due to a decline in transportation and food prices. In June, it eased to 7.9%, a larger decrease than anticipated, according to the Office for National Statistics.
This marks the lowest CPI rate since March 2022, when inflationary pressures started to impact the headline figure. So what does this mean for households and possible future base rate hikes? Lee Boyce, Sam Barker, and Georgie Frost explore the implications of CPI on mortgages and savings.
When it comes to savings, recent data paints a mixed picture of our financial resilience. On one hand, a survey suggests that one in three people do not have enough savings for emergencies. On the other hand, a third of savers are earning interest rates of 1% or less, even on five-figure deposits.
If inflation remains stubborn, pensioners may witness a significant increase in the state pension if politicians uphold the “triple lock” pledge. Data suggests that by 2030, the annual state pension figure could range between £13,000 and £14,000.
Before you embark on your holiday, we uncover the latest scams you need to be aware of. Additionally, one major bank predicts that bitcoin will surge to $120,000 by the end of 2024. How probable is this, and why do experts believe it’s nonsense?
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