Margaret Thatcher described it as ‘the unseen robber of those who have saved’, while Ronald Reagan said it was ‘as deadly as a hit man’.
As we emerge into a post-pandemic era, inflation — the steady rise in the cost of the things we buy — is on the rise again, and our finances are at risk.
The UK’s inflation is at its highest rate in nearly a decade, up from the Bank of England’s target of 2% in July to 3.2%
But what does a rise in inflation really mean for your finances?
Here we look at how an environment in which prices are rising at a faster rate than normal can affect your bank balance, and what you can do about it.