It has been announced that the rate of inflation has remained at 8.7% for the second month in a row - only the second time it’s been in single figures since September last year. If you're not sure what inflation means, it is the rising cost of living over time, and – as we all know – the price of everything from keeping the fridge stocked and the radiators on has risen dramatically over the last couple of years. So what does this latest announcement mean for your family’s finances and does it suggest that the squeeze on our finances is finally easing?
Although inflation is now well down from its peak of 11.1% in October 2022, it’s important to know that the current rate means prices are still 8.7% higher than they were this time last year. Sarah Pennells, consumer finance specialist at Royal London explains: “This drop in inflation still means prices are going up, just at a slower rate than they had been previously.”
