Sarah Pennells comments on UK inflation figures
Sarah Pennells, Consumer Finance Specialist at Royal London, comments on the inflation figures released this morning:
"The increase in UK inflation figures reported for July will be concerning for people hoping for a period of relative financial calm, following last week’s Base Rate reduction to 5%.
"We know from our latest Financial Resilience Report data that almost a fifth of people (19%) find themselves overdrawn, either regularly or from time to time, while the same number have less than £100 in cash savings. This is a worrying picture, and against this backdrop, the news that prices have increased at a faster pace once again is a clear reminder that while the cost of living crisis may be receding, high costs and bills are not."
For further information please contact:
Nicki Parry, PR Manager
- Email: nicki.parry@royallondon.com
- Mob: 07919 170 043
Notes to editor
Research conducted by YouGov for Royal London. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4,018 adults. Fieldwork was undertaken between 22 February - 7 March 2024. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 30 mutuals globally*, with assets under management of £169 billion, 8.5 million policies in force and over 4,400 employees. Figures quoted are as at 30 June 2024. Learn more at royallondon.com.
*Based on total 2022 premium income. ICMIF Global 500, 2024
