UK CPI – Consumer Price Inflation – Released Wednesday 19th July 2023
- Jul 19, 2023
- 3 min read
Written by: Sam Onigbanjo, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In simple English, this is what makes the Bank of England raise the Interest rates on mortgages for homeowners and tenants (indirectly)!
Hi,
If Economics and Finance is not your favourite thing then you are in safe hands with me and my simple approach to explaining and taking action on important finance and wealth management decisions.
Today, I just want to share what the next 30 days might hold for us in England and Wales (My opinion only) You see for a while Prime Minister Rishi Sunak has been trying to get Inflation to fall so that you and I can use our pounds and pennies to buy more things! The opposite side of this is with Inflation going up things cost more, and wages stay the same or don’t go up enough!
This brings me to the CPI news released at 7 am Wednesday morning today! Price Inflation as of yesterday was still 8.9% and it was hoped that with all of Governor Bailey's efforts, Inflation would drop to at least 8.2% and guess what it did. Inflation dropped to 7.9% but the truth is it's not good enough and it means the interest rates can still go up!
For example, in just the last 2 weeks in America, their Inflation dropped to 3% that’s a sign of a healthy economy, I hope you are getting the picture now!
I completely believe Governor Bailey is disappointed at the CPI data, I think he strongly believed the data would be somewhere between 5.9% to 6.4%. 7.9% is a long way off and it means the board have to raise interest rates again this summer (sorry guys)
Anyway, it's not all doom and gloom, its “How to think outside the box time” So, I want to share how you can take positive action to stay ahead of these rate rises. If you are a homeowner or not as long as you live in this country and want to have more money than bills then I think it’s a no-brainer that you are looking out for another income!
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Sam Onigbanjo is a multiple award-winning Forex coach, Including CREA 2023 Honoree for Trading and Coaching
Sam Onigbanjo, Executive Contributor Brainz Magazine
Sam Onigbanjo, is a leading coaching voice in helping people develop the skills and confidence to trade the capital markets and get a grip on their financial life. He is a seasoned public speaker and storyteller, this really helps him communicate skills in a less daunting manner to his audience. As a man he shares his struggle to financial Independence and why he knows it means so much to people to be in control of their own time and what impact it makes on spending time with loved ones and fulfilling life long dreams. Sam is the CEO of Capital Markets Academy and trains people from all over the world online and in person.
