However, it should also serve as a reminder to savers to check their existing rates and make sure they are getting the most competitive deal on the market.

“There can be a significant difference between the average and top paying rates so moving to a better deal can go a long way to help savers limit the impact [of inflation] on their pots,” says Kevin Mountford, head of banking at MoneySuperMarket.com.

In order to beat inflation and benefit in real terms, basic rate taxpayers need an account paying a rate of 1.88 per cent, while higher rate taxpayers need a rate of 2.50 per cent.

According to MoneySuperMarket.com, the number of savings accounts that current beat inflation is now at the highest level for some time so savers should take advantage.

The comparison site says, while there are no easy access savings accounts paying 1.88 per cent or above, there are now 117 fixed rate bonds, 4 cash ISAs and 71 fixed rate ISAs.

For higher rate taxpayers, 40 fixed rate bonds, 4 cash ISAs and 71 fixed rate ISAs pay 2.5 per cent or above.

Mountford said: “Falling inflation also helps ease the pressure on UK household finances, although with indications that Bank of England Base Rate could rise before the end of the year, this position could change in the near future.”