5.2% inflation ‘possible peak’

16 October 2008

Official figures today revealed that consumer inflation hit 5.2% in September – a figure which some analysts believe may mark a peak.

The official CPI (Consumer Price Index) measure of inflation rose by 0.5% from 4.7% in August, while the RPI (Retail Price Index), which includes mortgage interest payments, rose from 4.8% to 5%.

Economists believe that falling oil prices, which often have a knock-on effect on other aspects of the economy, such as food and energy prices, may help bring the rate of inflation down towards the Government’s 2% target.

A spokesperson for debt management company Gregory Pennington said: “A slowdown in inflation would ease the pressure for a lot of people who are struggling financially, although it still stands that many costs are already high and budgets are being stretched.

“We advise anyone struggling to manage their debts to seek expert debt advice as soon as possible.”

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Gregory Pennington are a debt management company specialising in offering debt solutions for people in various financial situations. If you are worried about your debts, contact one of our expert debt advisers today.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).