Inflation falls to 4.1%

People in debt may be particularly pleased to hear that inflation fell further last month.

After reaching a high of 5.2% in September, inflation fell to 4.5% in October – and to 4.1% in November.

Between October and November, the average price of petrol fell by 9.3 pence: a litre of unleaded petrol cost, on average, 95.2 pence in November. And today, petrolprices.com shows that the average price on 14th December was down to 89.4 pence.

“At just over 4%, inflation is still more than twice the official target of 2%,” said a debt management expert for Gregory Pennington. “While it’s a relief to see it coming down, costs are still increasing much more rapidly than the Bank of England and the Government believe they should.

“For anyone facing debt problems, this can be especially difficult. Paying bills, servicing debts – making the monthly budget stretch is hard enough without the cost of living rising so quickly. Anyone finding their finances simply don’t stretch far enough should seek debt advice sooner, rather than later.

“Depending on their circumstances, it may be that a debt management plan or other debt solution could help them reduce their monthly debt payments and get their finances back in order.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions such as debt consolidation & IVAs. If you are worried about debt, contact one of our expert debt advisers now.