The UK’s overall inflation figure has eased to 8.7 percent, the Office for National Statistics said today.
It represents another drop, down from 10.1 percent in the year to March 2023.
Chancellor of the Exchequer Jeremy Hunt said: “The IMF said yesterday we’ve acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast.
“So as well as helping families with around £3,000 of cost of living support this year and last, we must stick resolutely to the plan to get inflation down.”
Adam Thrower, head of savings at Shawbrook said: “Inflation is finally heading in the right direction and leaving double-digits, which is certainly a welcome relief to all.”
However, he said at 8.7 percent, the rate of price growth still remains high.
The savings expert also warned savers: “The recent Bank of England decision to raise the base rate represents another opportunity to protect their savings from inflation.
“Now is not the time to sleep on your savings rate. Our research has shown that half (47 percent) of savers haven’t switched to a better rate in the last year, largely due to the perceived time and effort needed, meaning apathy could be costing them hundreds, if not thousands.
“But switching is quicker and easier than many might think and an effective way to reduce the impact of inflation eroding the value of your savings. With savings rates the highest they’ve been in years, there is no better incentive to shop around for the best deals in the market.“
More to follow…
