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Savers holding Cash ISAs are being warned to act swiftly and transfer their funds to superior-performing accounts that genuinely outpace inflation, following this week's latest data release.

The Office for National Statistics revealed on Wednesday the most recent Consumer Price Index (CPI) inflation statistics, setting inflation at 3.6% for October.

This essentially means that money's purchasing power has declined by 3.6% on average due to escalating costs.

Individuals with savings face consequences as well, since unless your Cash ISA deposit account produces interest rates exceeding inflation, you're experiencing financial losses.

To illustrate, if inflation stands at 3.6% whilst you're receiving merely 2% interest, you're forfeiting 1.6% of your money's purchasing capac

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