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Prices are rising at their fastest rate for 20 years, at 5.6% higher than last year according to the Retail Prices Index (RPI), driven by steep rises in gas and electricity bills. And once you exclude mortgages and look at the 'official' measure of inflation — the Consumer Price Index (CPI) — inflation is at the highest level since records began in 1998.
What inflation does, effectively, is take money from the people who have carefully steered clear of loans and credit cards and have built up savings and hand it to those up to their eyeballs in debt. Hardly an incentive to save. But it's worse than that. Because unless you have an income that rises in line with inflation, then rising prices mean people are getting poorer.