Savings account commentator Moneynet.com highlights inflation issue

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Savings account commentator Moneynet.com highlights inflation issue

Fri 31st Dec 2010

A representative from Moneynet.com has suggested 2011 could be a tough year for consumers, as inflation begins to bite at household finances.

Spokesperson for the firm Andrew Hagger described how there are a lot of workers who have not had a pay rise for a long time.

He predicted the first three months of next year are likely to be difficult, but stressed it is hard to foresee how the situation will play out in the latter parts of 2011.

In his opinion, inflation is set to be a problem and there is no "magic wand" that can get rid of the issue.

"It has been at the same sort of level for [a while] and it's sort of quite stubborn and there isn't any sign on the horizon of that changing," said Mr Hagger.

The consumer prices index reached 3.3 per cent in November, according to the latest figures from the Office for National Statistics.

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