Cost inflation is the increase in the price of products or services as a result of raw materials and wages costing more.
The UK inflation rates continues to climb – 8.7% (June 23) and according to the Office for National Statistics (ONS) this is due to a mixture of buying flights abroad, second-hand cars and gig tickets!
Inflation is effectively the loss of purchasing power over time, so a pound coin won’t go as far today as it did yesterday.
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