Many of you will be continuing to read news reports detailing concerns about the potential impact of inflation on the UK and global economies.
Consumer price inflation in the UK rose to its highest level in almost three years in June – hitting 2.5% against a forecast of 2.2%. Fuel prices and second-hand car sales were two of the main factors for this.
It is a similar story in the United States where inflation has just hit a 13-year high of 5.4%.
However, both the Bank of England and the US Federal Reserve continue to strike a relatively relaxed tone regarding the likely longer-term impact of inflation.
This was outlined in a briefing call I was on with representatives of the Bank of England last week while, over in the States, Jay Powell, Chairman of the Fed, commented: “Inflation has increased notably and will likely remain elevated in coming months before moderating.”
While we track closely the inflationary trends both at home and further afield, the plans we develop with clients are rooted in the need to preserve the value of your money over the longer term.