Specialist financial services mutual Wesleyan reacts to ONS CPI announcement today.
Martin Lawrence, Director of Investments at Wesleyan, the specialist financial services mutual, said: “Rising food and fuel costs have kept inflation red hot this month. This is intensifying the pressure on already stretched pockets and making it increasingly challenging for many households to afford the essentials.
“As the Conservative Party races to appoint a new leader, all eyes will be on the new leader to see just how they plan to help tackle inflation and the economic challenges laid out before them.
“In periods of high inflation, it’s all the more important that those with savings make sure they’re generating returns that, at the very least, keep up with the rate of inflation. Our research found that over a fifth (21%) of UK savers have their money in a standard bank account, which means over time its buying power is dwindling. Investing, for example through a Stocks & Shares ISA, gives people a better chance of outpacing inflation and ensuring their savings maintain their spending power.”