People are still feeling the pinch despite inflation easing While this means costs are still rising, they are only – only! – doing so by £2.30 in every £100 we spend.
A massive £1.75 has disappeared in price rises. And that is just overall. If we are turning a corner, as the PM and Chancellor have said, the road we are turning into is Baker Street – where those once unthinkable prices like nearly a fiver for a pint of beer in a pub – are baked in for ever.Since April 2021, Office for National Statistics figures show food prices are up over 30 per cent.
But even looking at the six biggest lenders, which tend to be cheaper, the average is 5.08 per cent, according to comparison site Uswitch, which adds you will need a 25 per cent deposit Many have seen their mortgage bill double as they were forced onto a new deal or even the standard variable rate – now standing at an average of 8.65 per cent across all lenders. And Wednesday’s inflation rate offers no relief for homebuyers – it won’t impact house prices.
Now they are more like 6:1 it won’t. Even a cut at its August meeting is looking less likely. September? November? Who knows, but predictions earlier this year that 2024 could see six cuts look way out – even the two cuts hoped for recently are certainly not definite.
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