Your guide on how to manage the harmful effects of inflation on your wealth
Over the last year, inflation has been high. It’s likely to have affected your day-to-day costs, and it could harm your long-term wealth too.
In November 2021, the BoE’s base interest rate was just 0.1%. Following a series of rises, it stood at 4.5% as of May 2023. As a result, if you’ve borrowed money, whether through a credit card or mortgage, it’s likely your debt repayments have increased.
The rate of inflation has been in double digits for much of the last year
In the 12 months to April 2023, the rate of inflation was 8.7%, according to the Office for National Statistics data. In fact, for much of the last year, the Consumer Prices Index (CPI) has been in double digits and far higher than the Bank of England’s 2% target.
The high levels of inflation have been linked to the Covid-19 pandemic and lockdown, as well as the war in Ukraine. Both of these global events affected business operations and the cost of goods and services.
If you’re worried about inflation, our latest guide explains why inflation may alter your long-term plans and what steps you could take to reduce the impact.
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