Brits who are looking to build a
credit rating by cutting back on their outgoings could stand to benefit from trends that have led to a reduction in national inflation.
New data from the Office for National Statistics indicates reductions in the price of clothing and footwear in November and December has contributed to this trend with downward inflationary pressure.
Households are likely to have been struggling with rising costs brought about by high inflation, which may have had a negative impact on personal finances.
Lower prices of alcohol made a more significant impact, with the cost of spirits and wine dropping by 4.4 per cent and 3.3 per cent respectively.
However, there is also bad news for consumers as food and non-alcoholic drink prices rose by 1.4 per cent, with fruit prices being hiked 4.6 per cent.
Despite these pressures, people should strive to stay in control of their own finances and ensure they pay their bills on time, as failing to do so will damage a credit rating.
Posted by Gemma Walker
