Inflation LIVE: Three charts show impending economic ‘apocalypse’ – nasty shocks ahead | United Kingdom | News

Rishi Sunak and Ofgem have been told they need to do more to protect people from the cost of living crisis.

Kevin Mountford, co-founder of Raisin UK, said: “With the latest UK inflation data showing prices soaring again last month, with consumer prices reaching a rate of 9% inflation, we are seeing the highest rate of inflation in about 40 years.

“These inflation rates are going to hit high street hard, with fewer people having the same amount of money to spend due to the rising cost of living but also the price of goods which keeps rising. a further decline of the high street, with major corporations closing stores and focusing on online shopping, much like we saw with Gap in 2021.

“With millions of households hit by soaring energy costs and soaring food prices, it’s time for the Chancellor to step in to ease some measures because just telling people to watch their books is not enough. !” That being said, people can take steps to monitor interest rates, with the goal of making their money grow. For those lucky enough to have savings, it’s important to compare savings accounts and steer towards those with higher interest rates.

“While managing your money for the long term is always a preference, consumers’ pockets are tighter than ever, and energy price cap changes are also preventing companies from introducing cheaper deals – on which households rely on to reduce their monthly outgoings.I urge Ofgem to further explore how they can help these families with impactful changes that provide immediate relief, as well as those already described to help stabilize the market.

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