Martin Lewis has issued an inflation warning on today's Good Morning Britain.
The consumer champion will front the ITV news programme on every Monday throughout September alongside Susanna Reid. The broadcasters were joined by Andrew Pierce and Kevin Maguire to discuss the leadership race on who will become next Prime Minister.
Liz Truss is the frontrunner to be the next Conservative leader and was interviewed on the BBC show, Sunday with Laura Kuenssberg, yesterday. The foreign secretary tried to ease fears when she was quizzed on the cost-of-living crisis.
READ MORE: Warning issued to anyone who rents a home in the UK
She said: "Inflation is projected to peak, so we do know that inflation will come down." However, Martin responded to the comments on today's programme and warned this does not mean that prices will come down as households across the UK are hit with mounting costs..
He said: "Inflation is predicted to peak. Inflation is not prices. Inflation is a rate at which prices change. If inflation goes down, it does not mean prices go down. It just means they stop going up as quickly.
"I will put it in really simple terms. If something cost £100 last year and costs £110 this year. If it goes up to £119 next year, then inflation has dropped."
The Bank of England has said it expects inflation to hit 13.1% this winter when the full impact of the rises in energy bills hits the UK. However, economists have predicted the peak could be higher with US investment bank Citigroup estimating it could hit 18%.
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