The first number is the consumer price index (CPI) for August, announced last week and is the largest-ever monthly increase since the CPI was introduced in 1997. If you want to be even more gloomy, the retail price index (RPI) was up 4.8 per cent. The government does not like using the RPI, but it is still the benchmark against which many contracts are set, including pay deals and index-linked gilts.
The second number is the two-year fixed mortgage rate from the Co-op Bank’s brand Platform, also announced last week. That is the lowest mortgage rate in the UK ever. You do have to pay a fee to get the mortgage, and that obviously brings up the cost. But I can’t find a record of a cheaper mortgage ever in our history.
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