Inflation marches on to 10.1%
Commenting on the ONS July CPI figures published today, Sarah Pennells, Royal London's consumer finance specialist, said:
“The latest UK inflation figure brings more bad news for households as the consumer prices index (CPI) reached a new high of 10.1% in July. With the Bank of England revising its forecast to predict CPI inflation reaching 13% before the end of the year, people will be facing ever tougher decisions about their spending.
“Already spending more to get less, many households have made significant cutbacks because of the rising cost of living, and there’s no sign that this is going to change.
“We’re due to find out in the next few days how much the energy price cap will rise by from 1st October, which will pile further pressure on the budgets for over 20 million households that aren’t on a fixed price tariff.”
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Notes to Editors
Cost of living support from Royal London
Take a look at our range of guides, articles and practical support. They're designed to help you manage the cost of living and make you feel a little more in control.
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and 4,232 employees. Figures quoted are as at 31 December 2022.
Learn more at royallondon.com
News and updates
Deadline for pensioners to claim maximum cost of living payment
Pensioners on low incomes are being reminded to claim for a key benefit by this Thursday, August 18th, in order to receive the full cost of living payment.
19% increase in new business sales driven by the strength of investment offering
Royal London's 2022 interim financial results.
No recession yet
Commenting on this morning’s UK GDP data Melanie Baker, senior economist at Royal London Asset Management, said: