There is growing optimism on personal finances for the coming year despite stubborn inflation, according to research group GfK’s long-running Consumer Confidence Index.

Financial Planners and wealth managers have shared their disappointment at CPI inflation remaining stubbornly stuck at 8.7% in May.

Annuities have hit their highest level since December, according to new data.

Industry experts have cautioned clients to avoid assuming that the inflation spike is over following news this morning of a significant drop in CPI inflation in April.