Depends on how you look at it. For a positive view if you take 3% as inflation figure. Then you are over that so your value has increased buying power.
This is why I’m in 2 minds on these Treasurys. While its over inflation, I’m still better off a year later. But, a 1% increase on £700+ isn’t much. But, it is my reserve cash. So, 1 week liquid funds vs locking it up longer for higher is a possible issue.
