Savers should consider today’s inflation figures as a warning sign that rates could drop as fast as they rose, and now is the time to take action on their savings.

Adam Thrower, head of savings at Shawbrook, said: “Another fall in inflation is good news for savers. With interest rates stabilising at a healthy rate, savers can make more money and spend less. But savers should also consider this a warning sign. While it might not happen immediately, if inflation keeps falling interest rates could reduce as quickly as they’ve increased – so people should get a move on, review their savings asap and switch to a better paying account while they can.”

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