Moneyfacts said the buying power of savers’ cash is being eroded by inflation (PA)
(Picture: PA Archive)Families across the UK are bracing for a tough winter ahead, as inflation has risen to 4.2%.
Experts say it’s down to a series of price rises, including soaring energy bills, a price hike in petrol and an increase in the cost of eating out.
Jack Leslie from the Resolution Foundation said the impact of the inflation rise will be ‘painful’ for families.
On top of that, a rise in interest rates is expected next month, just ahead of the Christmas season.
The Evening Standard’s Consumer Business Editor Jonathan Prynn discusses what this rise in inflation means for families in the UK, and looks at how it will impact the country going forward.
Listen here:
