Savings rates fall well short of rising inflation

Savings rates fall well short of rising inflation | moneyfacts.co.uk

Inflation jumped to 2.9% in August. up from 2.6% in July and the highest in over five years. This could be taking its toll on consumers’ savings as well as their wallets. with no cash savings account able to even come close to the rate of CPI.

Official figures from the Office for National Statistics (ONS) show that inflation jumped to 2.9% in August. up from 2.6% in July and the highest level seen in more than five years. Not only could this be taking its toll on consumers wallets. but it could also be impacting their savings.

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