Inflation Falls Below 10% As Interest Rate Rises Start To Hurt The Economy And Consumers

Inflation Falls Below 10% As Interest Rate Rises Start To Hurt The Economy And Consumers

UK inflation has finally fallen below 10% to 8.7%, but core inflation, excluding food, rose by the highest amount since 1992.

The Bank of England recently followed Fed and ECB with twelfth successive interest rate hike by 0.25% to 4.5%.

Further interest rate rises are expected adding more pain to householders.

Some borrowers seeing their payments double after their fixed-rate deals have expired, but lenders are trying to keep rates down using innovative fee structures.

The Banks’ governor Andrew Bailey expects inflation to start going down this year as wholesale energy costs filter through to consumers.

Average inflation may have fallen below 10%, but mortgage costs, rent, food and energy costs have risen by far more.

·        Official inflation rate stands at 8.7% - four times the target rate

·        Core inflation excluding items like food rose to 6.8%

·        Food costs are rising at highest rate in 45 years

·        Food inflation is 19% according to official figures

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