FAMILIES will be left worse off as inflation soars to its highest in nearly a decade. Inflation in October hit 4.2% according to figures from the Office For National Statistics, up from 3.1% a mont…
Grant Fitzner, chief economist at the ONS, said that inflation rose steeply in October to its highest rate in nearly a decade.
The average increase in prices is usually based on how much things cost today compared to a year ago and is known as the inflation rate. It also means that if inflation is higher than the interest you're earning on your savings, you are effectively losing money.
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