Following the news that inflation has remained at 4%, Mohsin Rashid (pic), CEO of ZIPZERO, reacted by saying: “2024 has started off in the wrong direction, adding insult to injury for those suffering from the effects of high interest rates.
“People are holding fast for some good news to take the bad taste out of their mouths, but this latest blow of sticky inflation would test the patience of a saint. A huge number of mortgage customers are holding out for interest rate cuts, but after today’s news, this feels like a distant notion.
“And while the Government may claim that the cost-of-living crisis is fading away, such a statement is far removed from the reality faced by millions across the UK – make no mistake, eye-watering grocery prices coupled with rising energy and mortgage payments will continue to plague households for months to come.
“As ever, struggling households are being hung out to dry by a government that, come next Thursday, will have completed its final round of cost-of-living support payments and seems to think consumers' financial problems are solved. In the coming months, shoppers will need to rely on penny-pinching and foregoing luxury in order to minimise the impact of yet another month of rampant inflation."
