SAGA PRICE INDEX : INFLATION FOR PEOPLE OVER 50 REMAINS HIGHTuesday 20 March 2012
Saga’s monthly Price Index*, compiled by research house Cebr, shows that inflation on both the RPI and CPI measures is higher for over 50s compared with the UK as a whole. Annual retail price index (RPI) inflation in February was 3.7%, Saga calculated that RPI for the over 50s was as follows:
SAGA PRICE INDEX : INFLATION FOR PEOPLE OVER 50 REMAINS HIGH
RPI for February:
· 50-64: 4.2%
· 65-74: 4.2%
· 75 and over: 4.5%
Annual consumer price index (CPI) inflation in February was 3.4%, but for older age groups, the figures are as follows:
CPI for January:
· 50-64: 3.6%
· 65-74: 3.4%
· 75 and over: 3.5%
Saga’s Index also shows that since the September 2007 failure of Northern Rock, the over 50s have experienced a cumulative inflation rate of around 20%. The cost of living has risen for different age bands as follows:
On RPI measure since September 07:
- 50-64: 19.7%
- 65-74: 21.3%
- 75 and over: 21.5%
- Whole population (RPI): 15.3%
Dr Ros Altmann said: "Price increases remain higher for older people than the average family faces and inflation is still eroding the value of fixed pensions and savings. These figures emphasise the importance of seeing measures in tomorrow’s Budget that will address the economic difficulties being faced by older people in the UK”.
NOTES FOR EDITORS:
*Saga created its own Saga Price Indices, with respected research house, Cebr, to explore how inflation is affecting the over 50s because price rises can be felt differently due to different spending patterns across age groups.
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