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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Despite the reprieve, food prices continue to rise at a significant pace.
UK inflation, which is used to measure how prices increase, rose at a rate of 10.1% in the year to March, according to the Office for National Statistics (ONS). In comparison, inflation rose by 10.4% in the 12 months leading to February.
While inflation has fallen, it doesn’t mean the price of goods and services is getting cheaper. Instead it indicates that these prices are rising at a slower rate.
The fall in inflation was largely due to falling fuel prices. This month, the average petrol price stood at 146.8p per litre, down from the 160.2 p per litre seen in March last year.
In addition, the annual inflation rate for household services like water, electricity, and gas also fell slightly compared to February.
Grant Fitzner, Chief Economist at the ONS, said that rising food prices was the main reason why inflation remains elevated.
In particular, he noted that bread and cereal inflation are at a record high. Meanwhile, the annual rate of inflation for chocolate and hot beverages are now the highest on record.
Core inflation, which excludes food and energy prices, remained unchanged at 6.2% in the 12 months leading to March.
Economists and policymakers put some significance on this figure because food and energy prices can be volatile. Therefore core inflation can give them a broader indication of the trends in inflation.
Savers may find it encouraging to see positive sentiment surrounding the top cash savings rates this month.
Whether consumers wish to keep their cash in a flexible easy access account or tie it up within a fixed account earning a higher guaranteed return, it's imperative they take some time to compare the latest deals.
Starting a new tax year has also seen the introduction of more activity within the ISA market, and both those looking for a new deal to invest for the 2023/2024 tax year, or perhaps transfer older ISA subscriptions, can find some attractive rates across the variable and fixed sectors.
As has been the case for a few years, consumers should compare both rates within and outside of an ISA-wrapper while considering both their Personal Savings Allowance (PSA) and ISA allowance. Signing up to newsletters and rate alerts is a great way to keep on top of the latest deals and compare the interest rates offered across all the different products.
The Bank of England base rate rises and competition among savings providers has led to higher returns over the past year and, compared to a year ago, savers get a return of almost 3% more on the top one-year fixed bond. While there are other longer-term interest rates to consider, there may well be a dividing sentiment among consumers and providers as to whether interest rates are destined to reduce in the months to come.
It will be interesting to see how the top rate deals fluctuate and how demand impacts the shelf life of the best deals over the next quarter.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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