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Bank charges: Inflation rises

The rate of inflation in the UK has risen to 2.8 per cent.

Figures from the Office for National Statistics shows that the price of consumer products has risen, which will have cut even more into people’s disposable income.

Energy bills and fuel costs have been blamed in part for this rise.

The Bank of England (BoE) has set a target to lower the rate of inflation to two per cent, however it said earlier this year that this is likely to take longer than it had planned initially. It is predicted to reach its target by 2016.

Inflation has been higher than the central bank’s target since 2009.

Consumers have had to tighten their spending habits in order to deal with the higher prices.

Some economists expect that the rate of inflation will continue to rise because the pound has been falling in value.

Governor for BoE, Sir Mervyn King, has said that he doesn’t expect the pound to fall any further now.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801558569-ADNFCR

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