What is inflation and what does it mean for me?
THE UK'S rate of inflation rose in July for the first time since December in a blow for households.Economists and analysts had been predicting it would rise to 2.3% last month.
"The increase in cost of goods leaving factories slowed a little in the year to July, led by falling petrol prices.Inflation has also slowed significantly since hitting a peak of 11.1% in October 2022 due to soaring wholesale energy prices.Rising inflation indicates that the cost of goods and services is increasing.However, Alice Haine, personal finance analyst at Bestinvest, said there was no need for households to worry too much after today's figures.
The central bank can raise the base rate to slow inflation, but any rise also has a negative knock-on effect on mortgage owners and those in debt. But with inflation ticking up to 2.2%, it means the prospect of further cuts to the base rate are unlikely any time soon.
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