Official data is expected to show inflation has fallen to its lowest level in 14 months later this week ⬇️ gracegausden93 explains what it means for you and your money
For a quick pasta bake for four people,analysed the prices of jars of pasta sauce, packs of penne pasta and cheddar cheese and found that across the supermarkets the average cost of the meal had gone from £2.68 in the three months to the end of May 2022 to £3.39 for the same period 12 months later – an increase of 27 per cent.
But in real terms, it would have fallen in value, to £82,513. If you want to have the same purchasing power, you would have to contribute an extra £8,750. The initial figure of £87,500 is roughly the average pot an over-50 will have by retirement, according to Pension Bee. “The risk for them is that they deplete their pot more quickly, particularly as stock market performance is currently more lacklustre than it has been in recent years,” says Ms O’Connor.
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