UK consumer price inflation reached 3.6% in June, rising from 3.4% in May. This increase poses challenges for households already facing financial pressures. The Bank of England forecasts inflation to hit 3.7%, exceeding its 2% target. Food prices saw their highest annual increase in over a year, reaching 4.5%. The economic situation creates a need for affordable credit options to assist individuals with rising living costs, as wages and savings have not kept pace with escalating expenses.
Inflation ticked up in June, driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year.
Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year, hitting 4.5%.
For many households, another rise in inflation will be unsettling, when finances are already stretched to cover the basics.
Short-term, affordable credit can be a vital safety net when those unplanned costs hit, and our focus is helping people stay afloat.
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