- · Saga says there is scant comfort in these inflation figures as pressure on older people continues
In response to the latest inflation figures, Dr Ros Altmann, Director General of Saga said:
“Despite inflation falling in the past month, we are by no means out of the woods. Inflation is still in danger of getting perilously out of control and there is concern that this threat is not been taken seriously enough.
“Recovering confidence is essential to rebuilding the economy but high levels of inflation are crippling UK consumer confidence. And thus potentially damaging growth.
“Month after month, this country’s savers witness the value of their hard-earned savings whittled away by inflation. Our Saga Price index reveals that inflation is in fact higher for older people, especially those in their 50s, than it is for the UK as a whole. Prices may have fallen in games consoles and elecrtrical goods but the essential items that pensioners buy – namely heating and food - are still being severely affected by inflation levels, control of which continues to be in short supply.
“The fall in inflation is clearly positive but this appears to be more through luck than judgement and there is still a long way to go. The Bank should take a long hard look at the dangerous impact this double whammy of high inflation and low interest rates is having on the UK economy, rather than exclusively focusing on the presumed benefits of keeping rock bottom rates unchanged.”
For further information, please contact:
Saga Press Office
Tel: 01303 771529