Andy Mielczarek, CEO of Chetwood Financial, said: "Britons may have thought they’d seen the last of rising inflation for a while, but it has reared its head again.
“Hiking interest rates has succeeded in bringing us back to the target rate, but experts have been predicting some hiccups on the road to recovery. Well, here we are.
"The news is not necessarily a sign that we are on the wrong path, or that there is cause to panic. Recent wage increases are hopefully helping to soften the blow of higher prices, and the promise of more base rate cuts in the near future should be a source of optimism for mortgage holders.
"Many savers may have mixed feelings about today’s news, but those with the best instincts will be focused on improving their financial health by tracking the best rates for savings products and making the most of the current offering before rates fall any further."
