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PPI: Savers undermined by high-levels of inflation

The efforts of savers are being undermined as the true value of their savings continues to decline, according to an expert.

Figures released by the Office for National Statistics revealed that the Consumers Price Index remained at 3.1 per cent in August, unchanged from July.

Jason Riddle, co-founder of action group Save Our Savers, claimed consumers are now seeing a negative return on their savings.

He said: "The Bank of England is continuing to let inflation run above target in order to do its job of eroding away at the huge pile of private and public debt that has been built up.

"Savers who have always managed their budgets with an eye on their future financial position are seeing their efforts undermined as the real value of their savings decline."

According to research by financial website, a basic rate tax payer requires a savings account which pays 3.88 per cent to combat the effect of inflation.

Furthermore, a higher rate tax payer needs to find an account offering 5.17 per cent to stop the value of their investment falling.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800073073-ADNFCR

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