Following the latest CPI figures, My Pension Expert's chair, Andrew Megson, stressed that there is no room for celebration even as inflation slows slightly... I hope you can use it:
He said: “Given all the predictions that inflation was going to climb to 15%, or higher, by early 2023, the slight easing in the rate will be welcomed by everyone.
But it’s always worth considering where exactly prices are rising and falling. For instance, it is the drop in petrol prices that has helped slowed inflation; for those who do not drive, they are still likely to see prices rising around them, whether for food, clothing or energy bills. There’s no room for complacency as harder times are still likely to come.
“Ultimately, the same message prevails: financial preparedness is essential as people adapt their plans to the current economic climate. For one, the trend of more people in their 50s and 60s coming out of retirement to bolster their pension savings amid the cost-of-living crisis is expected to continue. I would urge anyone who is worried about the state of their retirement finances to seek help from an independent financial adviser, who will help them make informed decisions.
“What’s more, it will be intriguing to see how the new Prime Minister, Liz Truss, and new chancellor, Kwasi Kwarteng, tackle soaring inflation. Last week’s cap on annual energy bills was a start, but the upcoming 'mini budget' will be a chance for them to take more comprehensive action to help allay people's financial concerns.”