Inflation eases to 7.9% - what does that mean for mortgage and savings rates?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 21 July 2023
⏱️ 47 minutes
🧾️ Download transcript
Summary
It eased to 7.9 per cent in June, a bigger drop than expected, according to the Office for National Statistics.
This was the lowest CPI rate since March 2022 when inflationary pressures began to amplify the headline figure.
So what does that mean for the typical household and for potential future base rate rises? Lee Boyce, Sam Barker and Georgie Frost delve into CPI and what that means for mortgages and savers.
And on the note of savers, two pieces of data this week point to a mixed picture for our financial resilience.
On one hand, a survey suggests one in three people do not have enough savings for an emergency - and on the other, that a third of savers are earning 1 per cent or less, and for some that's on five figure pots.
If inflation does stay sticky, pensioners could see a big rise in in the state pension - if politicians keep the 'triple lock' pledge.
Data suggests that by 2030, the annual state pension figure is likely to be between £13,000 and £14,000.
Before you head off on holiday, we reveal the cruel new scams you need to know about.
And… bitcoin to surge to $120,000 by the end of 2024 according to one major bank. How likely is that and why does one expert think it's nonsense.
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Lee Boyce today is Sam Barker. |
| 0:08.9 | And coming up, inflation falls. Does that mean mortgage rates have peaked? |
| 0:13.2 | Savers still can't match CPI, but we'll tell you where to find the best deals. |
| 0:17.6 | That's, of course, if you have any savings left. |
| 0:20.0 | If inflation does stay sticky, though, |
| 0:21.7 | pensioners could see a big rise in the state pension, and of course, politicians keep the |
| 0:26.6 | triple-lock pledge. Also, today, as we head off on holiday, we'll cover the cruel new scams that |
| 0:32.0 | you need to know about, and Bitcoin to surge to $120,000 by the end of 2024? |
| 0:40.0 | Really? |
| 0:41.1 | Don't be getting this update with all the latest breaking money news. |
| 0:43.3 | Just go to this ismoney.co.uk or download the app. |
| 0:47.5 | Don't forget, you can stay on top of what's going on in the markets by tuning in to the Digest and Invest Podcast by Itara. |
| 0:53.2 | Go to your regular podcast platform and listen on the go. Digest and Invest podcast by Itara. Go to your regular podcast platform |
| 0:54.7 | and listen on the go. Digest and Invest by Itara, the podcast for those interested in trading and |
| 0:59.5 | investing. But first, inflation in June fell by more than expected, thanks to a drop in transport |
| 1:06.0 | and food prices. CPI eased to 7.9% from 8.7% its lowest since March last year. Now, Rishi, well, he must |
| 1:15.2 | be pretty happy given his pledge to bizarre pledge to halve inflation by the end of the year. And does |
| 1:20.7 | that mean that the pressure is off the Bank of England to keep raising rates? Is it time to pop open |
| 1:26.4 | the little champagne and celebrate the end of the cost of |
| 1:31.0 | living crisis? Lee, boys, inflation, fallen, more than expected, which is nice as well. So that's |
| 1:37.7 | it. It's all over. Cost of living crisis is over. We can go up. We can party like it's 19 something something you've got way too excited about this georgia |
| 1:48.3 | this has been a symptom of inflation in the last couple of years people there's been a drought of |
... |
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