Adam Oldfield, chief revenue officer at Phoebus, says:
“It was widely reported earlier this week that economists expected inflation to have gone down again this month. Although, when prices at the petrol pumps have been going up, that was quite a bold prediction. Given those particular rising costs today’s figure from the ONS is welcome news. We also heard yesterday that average wages are now increasing ahead of inflation. Average being the operative word here. There will still be those where the average has no bearing on their circumstances. For this section of borrowers in particular, the current rate of inflation and base rate situation is still worrying.
“Recently lenders have been accused of oneupmanship as they reduce rates in the battle for business in the last few months of the year. Nevertheless, seeing rates closer to four per cent than six, may tempt some that have been waiting it out. How long these rates will be around is anyone’s guess, so now could be the time to fix while the going is perhaps not good, but better.”