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Bank charges: Inflation hitting poor hardest

Consumers who are currently having trouble paying bank charges may not be surprised to hear that inflation is affecting the poor more than it is the rich.

Research by the Institute for Fiscal Studies that was funded by Consumer Focus found that, on average, poorer households have experienced higher rates of inflation than richer households over the past ten years.

Those in the poorest fifth of households faced an average rate of inflation of 4.3 per cent between 2008 and 2010.

In comparison, those in the richest fifth experienced an inflation rate of 2.7 per cent during the same period.

A statement from the Institute for Fiscal Studies said: "[Between 2008 and 2010] dramatic cuts to interest rates reduced mortgage payments, which tend to be more important for richer households.

"At the same time, the prices of gas, electricity and food increased and this hit poorer households harder on average."

Charles Baker

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

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