The inflation figures were out yesterday, and they show that inflation has been slowing.
But does this tell the entire story? Unfortunately, no.
As we look at the inflation data, we can see that they are broken down into several distinct categories, one of which is energy. Energy in this country has seen huge inflation all of a sudden, and the reason for this is that the government has been subsidizing gas and gasoline from its emergency reserves. You're also seeing the bubble bust and the used vehicle market, which is helping inflation a little bit, but the major issue is energy costs and government subsidies for petrol, which can't go forever since our emergency fuel supplies are limited.
That's been the main story of what's keeping inflation at bay. Inflation and food prices are slowing, which is excellent, but I believe we'll see more inflation in the not-too-distant future. Regrettably, despite the fact that the figures are good at the moment.
If possible, increasing your earning abilities and income is the most powerful approach to protect yourself against inflation. Inflation would be less relevant if you received a 5% annual rise or a 20% promotion. If that isn't doable, or if you're on a fixed salary, you'll have to look into other choices. Investing in the stock market is one strategy to safeguard your savings. Over time, it has repaid approximately 10% of investments. But, it is unknown if it will do so in the future, and there is also risk involved in investing in the stock market.
Read more: 3 Important Financial Decisions to Make On Payday
With the help of a fiduciary financial advisor to help guide your decisions, you stand a much better chance of retiring comfortably—and maximizing your sources of income so you can live the life you want.
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