Saga' Over 50s still combating 5.5% inflation rate

People approaching retirement are still faced with a challenging 5.5% inflation rate despite the consumer price index dipping to 4.2% in December, it has been claimed.

Today’s (January 17th) revelation from the Office for National Statistics that the inflation rate fell 0.6% last month is of little comfort to the over 50s as this remains 2% above the government target, Saga has suggested.

Director General Dr Rod Altmann said: “Living costs have risen somewhat less fast in December but today’s inflation figures are nothing to celebrate.

“Older people are still suffering worse than anyone.”

According to the group’s price index measure, compiled by Cebr, the over 50s have been hit with a cumulative inflation rate of over 20% since September 2007.

Pensioners, who typically spend more on heating costs than their younger counterparts, have perhaps experienced the toughest conditions as inflation has increased 21 per cent for the over 65s since the beginning of the financial crisis.

Posted by David Shuker