. Inflation is a measure of how the price of goods and services has changed over the past year. In June, the inflation rate fell by more than expected to 7.9% - down from 8.7% - meaning prices are still rising but at a slower pace. While the announcement in itself isn't a change, the July rate is important as it's typically used to set the increase in rail fares. These will take place from the start of 2024. Last year, the July rate came in at 12.3% - but the government capped the rail hike to 5.9% to help commuters. 2. Energy Price Cap announcement - August 25 The energy regulator Ofgem will announce the new price cap, which will come into effect on October 1 until December 31. In May, the cap fell by £1,206 from £3,280 to £2,074 a year. But the energy price guarantee is only a cap on unit rates - so if you use more energy, expect to pay more than the average household. There are schemes offered by suppliers, local councils, charities and the government that could help you if you're struggling with your energy bills. 3. Bank holiday benefit payment changes- August 28 Millions of households on Universal Credit and benefits may get their payments earlier due to the Bank Holiday on August 28. If you usually get paid on the 28th, you'll see your cash land in your bank account a few days before - most likely Frid){kind=link}
AUGUST has brought a whole of host changes for your money – with more still to come.
All of the financial changes are important to know so you can plan ahead and avoid being caught off guard.
They include changes to universal credit and benefit payments, the energy price cap announcement and a Tesco Clubcard deadline.
Here we explain what’s happening and when, as well as what it means for your money.
The UK’s inflation rate for July will be revealed on August 16 by the Office for National Statistics (ONS).