It’s not just your savings which are hit by inflation

According to the Office of National Statistics (ONS), the average cost of Christmas shopping has increased by 7.5% since 2010. Inflation has hardly been out of the news this year. High levels of inflation have badly affected people on fixed incomes or whose wages rises have not kept pace with the rising price of goods and services. Savers have also been hit hard as even the best savings interest rates have failed to maintain the real buying power of savings in the face of rapidly rising inflation. As you sit down to Christmas lunch it seems as though even that has been ...