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Loan refunds: ONS reveals rise in CPI annual inflation

A rise in Consumer Price Index (CPI) annual inflation might lead Brits to become increasingly reliant on credit card charges and bank claims.

The Office for National Statistics (ONS) has increased the CPI inflation rate to 2.6 per cent for July 2012, compared with 2.4 per cent in June.

Furthermore, Retail Price Index yearly inflation hit 3.2 per cent during July, up from the 2.8 per cent seen in the previous month.

According to MGM Advantage, this means that the average UK household will need an additional £897 every 12 months if they wish to maintain their current standard of living.

Collectively, the country will need an additional £23.6 billion if it wishes to continue the same lifestyle enjoyed a year earlier, the firm added.

"The surprise rise in inflation will come as a shock for many people who continue to feel the pinch," distribution and marketing director for the enterprise Aston Goodey pointed out.

It could lead millions of families to see their living standards "dramatically" fall, he added.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his beltADNFCR-2776-ID-801428452-ADNFCR

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