📉 Inflation eased for the first time since August, dropping to 10.7% in November from 11.1% the previous month ❓ So, what does this mean for your money? 🔎 Explained:
Despite the fall in the cost of living, there are no standard saving accounts that can beat inflation of 10.7 per cent, leaving savers to nurse negative returns on money held in accounts.
Those reliant on the state pension have a fixed amount to spend each month, making price rises hard to shoulder in the short term. “While basic rate taxpayers get 20 per cent added to their pot with each contribution, those on the higher 40 per cent tax rate get a further 20 per cent in tax relief, while additional rate taxpayers receive a further 25 per cent back.
Those with escalating annuities, which rise each year at a fixed rate to keep up with inflation, will have been shielded by the rise in the cost of living, but this is not a particularly popular option. Low-fat milk prices went up by over 45 per cent, pasta almost 37 per cent, butter and cheese by about 28 per cent and eggs prices soared by more than 25 per cent, ONS figures show.
However, costs at the pump are still more expensive than this time last year: average petrol and diesel prices stood at 163.6 and 187.9 pence per litre in November, compared with 145.8 and 149.6 pence per litre in November 2021.
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