Prices for everyday goods and services in the UK increased at a rate of 1.7% in August this year. The rate for CPI and CPIH is currently the same, according to the Office for National Statistics (ONS).
Savings provider Goldman Sachs, which is less than one year old, has cut its easy-access account rate to 1.45%.
Marcus stunned the savings market last year when it offered a significantly better rate than competitors at the time.
But the cut is just another blow to an already crumbling savings market, with National Saving and Investment (NS&I) ealier this week withdrawing its popular Guaranteed Growth and Guaranteed Income Bonds from general sale.
The Office for National Statistics reports that the average by which prices increased (CPI inflation) was 2% in June 2019.
The alternative CPIH, which includes housing costs, was 1.9% for June.
While this figure is more or less right on the target set for the Bank of England by the government, the slowing global economy, potential no-deal exit from the EU, and rising wage growth all present headaches of different natures for those with their hands on the levers.
The UK economy continues to undershoot its inflation target despite record low unemployment.
Consumer Price Index (CPI) inflation remained at 1.9%, the third month it had been below it’s the Bank of England’s 2% target rates according to the latest figures from the Office of National Statistics (ONS).
The minimum aim of every investor should be to ensure the returns they receive from their investments are above and beyond the rate of inflation, and on this front investment trusts more than hold their own, research by Money Observer has found.
We looked at annualised returns for investment trusts over the past 20 years and pitted them against inflation in the shape of the retail prices index (RPI), which over the period has risen by an average 2.5% per year.
New figures from the Office for National Statistics today revealed that inflation fell from 2.7% in August to 2.4% in September.
The level of the state pension rises every year by the highest of 2.5%, growth in earnings or Consumer Price Index (CPI) inflation. This is thanks to the 'triple lock' guarantee, which has given retirees' incomes a strong boost since it was first introduced.
Removing the 1p and 2p from circulation would not cause inflation according to analysts at the Bank of England.
Critics say that scrapping copper pennies would lead to price increases as items could potentially be rounded up to the nearest pound by retailers.
Average weekly earnings outstrip inflation for the second consecutive month, data released by the Office for National Statics shows.
Inflation has fell below expectations in March, throwing doubt on whether the Bank of England will raise interest rates next month.
Savers will cheer the latest inflation figures, as the number of accounts beating inflation triples. Here are the best buys.