The Consumer Prices Index (CPI) measure of inflation rose to 9.4% in June 2022, according to the Office for National Statistics.
CPI was 9% in April 2022 and 9.1% in May 2022. So, although inflation has hit a 40-year high, it has merely continued its steady rise.
With these steady increases to inflation, it is almost impossible to remember that CPI was as low as 0.2% as recently as August 2020.
Much if the recent increases in inflation have been driven by the war in Ukraine’s impact on fuel and food prices.
Farrell Financial Planning do not give advice on future inflation or interest rate movements. Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow, Scotland.
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All information is correct as at 20/07/22.