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Loan charges: Savers impacted as inflation rate grows

The inflation rate in the UK has increased from 2.2 per cent to 2.7 per cent in October, according to the Consumer Prices Index (CPI).

This means that those on the standard tax rate must have a rate of 3.39 per cent to make real gains, while those in the higher bracket require 4.5 per cent.

MoneySupermarket.com recommends that savers check their rates to ensure they are maximising their returns. The comparison website recommends Brits look into fixed rate bonds.

"The difference between the average and top paying rates can be significant, so moving to a better deal can go a long way to help savers limit the impact of inflation on their pots," said Kevin Mountford, head of banking at MoneySupermarket.com.

It has also been revealed that food and petrol prices have also grown, adding to other problems, such as loan charges, which Brits face.

The Office for National Statistics has attributed the increase in inflation to the costs of education, which has been hit by increases to tuition fees.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801486811-ADNFCR



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