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What is inflation and what happens when it rises?

By   /  September 15, 2021  /  Comments Off on What is inflation and what happens when it rises?

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You can protect your money from rising prices (Picture: Getty Images)

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.

What is inflation?

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