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PPI Claim News - 19/1/2010

 
Payment Protection: 'Bank of England is relying on consumer lethargy'

The Bank of England is relying on consumer lethargy to hold down interest rates, an expert has claimed.

Commenting on the news that consumer inflation soared in December, when it jumped a record one per cent according to the Office for National Statistics, David Kuo said the figures are extremely "worrying".

Mr Kuo, director of financial advice website Motley Fool, said the Bank is depending on a mixture of consumer lethargy and household debt, accumulated over a decade of record spending, to postpone a hike in interest rates, which have been frozen at 0.5 per cent.

The ONS report revealed the Consumer Price Index rose from 1.9 per cent to 2.9 per cent in December 2009 compared to the previous year, which Mr Kuo described as a "wake-up call to all of us".

"Today's surge in inflation is unlikely to be the last that we hear of rising prices. These are not statistical anomalies that we can casually wave away but represent a real dent in the purchasing power of the pound in our pockets," he said.

Mr Kuo advised investors to divide their nest eggs between shares to ensure price inflation did not have a negative affect on returns.

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