Inflation dropped by more than expected to 7.9 per cent in the year to June, according to the latest figures CallumCMason explains what it means for mortgages, savings and food prices 🔗
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.
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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