Inflation surge sparks call for savers to access best interest rates | Personal Finance | Finance
UK inflation has spiked to a 30 year high with a cost of living crisis now imminent following today’s announcement. Despite the Bank of England’s base rate rise in late 2021, savers may be in jeopardy as interest rates remain low.
Official figures have now confirmed the inflation rate to be 5.4 percent.
Although this is slightly better than the doomsday-like six percent that some experts predicted, many savers may find their savings plans for this year compromised.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “Inflation is the horrible 90s trend we didn’t want to see again, but it’s back.”
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