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PPI refunds: Value of money decreases

Consumers who are seeking out PPI refunds may be concerned to hear that the value of money has declined over the last 50 years.

According to BM Savings, the value of money has dropped by 94 per cent over the past half century.

Suren Thiru, economist at BM Savings, said: "There is no doubt that the value of money has fallen dramatically since 1960 as a consequence of the substantial rise in the general level of prices.

"It is likely to be reduced significantly further over the next 50 years even if inflation is kept firmly under control."

Findings showed that there has been an 18 fold increase in retail prices, which means that a consumer today would need to have £1,796 to have the same purchasing power of £100 in 1960.

It is estimated that the value of money could decline by a further 63 per cent over the next 50 years if retail prices rise as per the government's target consumer price inflation of two per cent.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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