The latest UK inflation figure will be revealed tomorrow morning, with experts predicting a slight fall in the headline figure CallumCMason explains what it means for your money ⬇️
The war in Ukraine reduced the amount of grain available, pushing up global food prices, which was compounded in the UK in February by a shortage of salad and other vegetables, which took food inflation to a 45-year high.In positive news, a separate indices from Kantar today showed grocery price inflation has fallen at the fastest rate since its peak in March, from 14.9 per cent in the four weeks to July 9, down from 16.5 per cent over the previous month.
To give a working example, if you are 67 and plan to retire in a year, assuming you have a pot of £87,500 in today’s money – roughly the average an over-50 will have by retirement, according to Pension Bee – then one year later, if inflation runs at 10 per cent, and your investment growth is 5 per cent, your pot would be worth £91,263.
She adds that during high inflation, and poor investment growth, there is a risk of a “double whammy” of people needing to take more out at a time when the real value of the pot may be going down.
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