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PPI Refunds: Inflation 'outstrips earnings and savings'

Payment protection refunds could be a timely boost to consumers' income levels as the average wage rise is now much less than the rate the cost of living is increasing at.

Private sector pay rises rose by a median average of 2.6 per cent during the three months leading up to August, while their public sector counterparts' pay did not changed at all, new figures from Incomes Data Services (IDS) showed.

Some workers in the private sector received small protection payments of £250 to guard against rising living costs. However, according to the IDS, this equates to much less than the rate of inflation.

The Bank of England recently announced that the current consumer price index is 5.2 per cent and stated people who pay the lowest level of income tax now need to find a savings account that offers a 6.51 per cent rate of interest to gain any real-term benefit.

"For savers, the low number of products which currently offer a return above inflation, means keeping a closer eye on their interest rates," said Kevin Mountford, head of banking at the comparison site. ADNFCR-2776-ID-800781466-ADNFCR

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