Take steps 'to avoid inflation'

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Take steps 'to avoid inflation'

Fri 29th Jan 2010

Consumers should be taking steps now to help protect themselves from the effects of inflation, according to one expert.

David Kuo, director at The Motley Fool, said that people need to be aware of inflation as the banks and the government have both said that they will focus on the problem once the economy has been sorted out.

In the meantime it is the job of the individual then to ensure that they are making changes to get the most from the money they currently have.

Commenting on the news from Barclays that, as the cost of paying back mortgages has fallen over the past year in England and Wales it means that some people are now £110 better off a month, Mr Kuo recommended that consumers do something with this cash rather than just resting on it.

He stated that unless they invest their extra cash they will see it shrink as inflation increases.

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