Just 1% of Savings Accounts Beat New Inflation Rate

Inflation jumped to a six-month high of 2.7% for the month of August, with most savings rates now failing to offer a real return

David Brenchley 19 September, 2018 | 11:19AM

Savings pound coins

UK inflation hit a six-month high in August at 2.7%, meaning inflation is once again rising faster than wages. The surprise reading was higher than the 2.5% in July, despite economists widely expecting it to be lower. Month-on-month, consumer prices climbed 0.7%, faster than the expected 0.5%.

The increase in the Consumer Price Index was largely driven by higher costs for theatre tickets, transport and autumn clothing.

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David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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