What does the new inflation rate mean for your money?
Falling inflation indicates that the cost of goods and services are still rising but at a slower rate.
But prices are still higher than they were.
Alastair Douglas, chief executive of TotallyMoney said: “Inflation remains at sky-high levels, and is still a long way off the Bank of England’s 2% target.
“Meanwhile, people’s finances are being pushed to the brink, resulting in an increase in defaults on credit cards, loans and mortgages — a trend which is expected to continue over the next three months.”
Food and drink prices rose by record levels in the year to March, putting further strain on household budgets.
Alice Haine, Personal Finance Analyst at Bestinvest, said: “Households should not start splashing the cash just yet.
“People still need to spend wisely by living within their means, avoiding expensive debt and saving and investing to shore up their financial futures.”
This post first appeared on thesun.co.uk
