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58431
Inflation for pensioners 'double national rate'
28/01/2008

Inflation for pensioners will be up to seven per cent in 2008, according to Newcastle Building Society Equity Release Service.

This is more than double the estimated national inflation rate.

Hikes in fuel and food costs are expected to be the main contributors to this increase, with the former up by around 15 per cent and the latter rising by a total of 12 per cent.

According to the weightings of the government's pensioner's price index, food and fuel account for more than a third (36 per cent) of all expenditure by this age group.

Bob Mottershead, retail sales executive at the firm, comments: "The rising cost of living is undoubtedly a concern for us all, however, commonly it is those in later years who suffer the most. For the many relying on the basic state pension of just 87.30 per week, these increases could negatively impact everyday quality of life."

In related news, Baring Asset Management recently stated that pension planning is vital for every employed adult.

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