Older people are the worst hit victims of soaring inflation with people in their 50s being affected by higher levels of inflation than the country as a whole.
RPI Annual retail price index (RPI) inflation was 5.6% in September, up from 5.2% in August. Saga calculated that annual retail price index (RPI) for the over 50s in September was as follows:
• 50-64: 6.6% (up from 5.8% in August)
• 65-74: 6.4% (up from 5.5% in August)
• 75 and over: 6.5% (up from 5.3% in August)
“Commenting on The Saga Price Indices, Dr Ros Altmann, Director General Saga said: “The Government is ignoring the impact of inflation on older people.
“We are deeply concerned. Surging inflation and sinking savings income are damaging growth by hitting older generations who have cut their spending.
“Anyone who has bought an annuity is seeing their buying power erode month after month while policy makers worry about borrowers and banks.
“This is not a recipe for economic recovery.”