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Bank claims: Savers still struggling despite drop in inflation

Savers are still struggling to beat inflation despite a drop in the Consumer Price Index (CPI) this month.

CPI fell to 3.1 per cent in July, a drop of 0.1 per cent compared to June following reduced transport and petrol prices.

However, the rate remains well above the Bank of England's target rate of two per cent, hitting many savers as high levels of inflation decreases the value of their savings.

Darren Cook, spokesperson for moneyfacts.co.uk, claimed savings rates have hit a plateau and are likely to remain steady for the foreseeable future.

He said: "Inflation is a stealthy enemy for savers and when rates are low, it quietly erodes the spending power of a hard earned nest egg.

"To just break even, higher rate tax payers need to find an account paying 5.17 per cent, a level that is nigh on impossible to achieve."

Mr Cook advised consumers to search for the best deal and switch to a high-rate account.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800029146-ADNFCR



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