GAS AND ELECTRIC KEEP LIVING COSTS HIGH FOR OVER 50sFriday 21 September 2012
Commenting on today’s inflation figures, Paul Green, head of communications of over-50s specialists Saga says:
GAS AND ELECTRIC KEEP LIVING COSTS HIGH FOR OVER 50s
“While it is encouraging to see inflation come down*, Saga still warns against significantly higher living costs for older generations. Inflation on both the RPI and CPI measures remains higher for over 50s compared with the UK as a whole according to our Saga Price Indices, compiled by research house Cebr.”
Compared with September 2007 and the failure of Northern Rock, the cost of living has risen for different age bands as follows:
75 and over: 22.6%
Whole population (RPI): 16.8%
Given that expenditure patterns vary across households, experienced inflation rates will differ across age-bands, the annual consumer price index (CPI) inflation was as follows for the over 50 age bands in August 2012:
50-64: 2.6% (2.6%)
65-74: 2.6% (2.7%)
75 and over: 2.9% (3.0%)
The Saga Price Indices also show that annual retail price index (RPI) inflation was as follows for the over 50 age bands in August 2012:
50-64: 3.2% (3.3%)
65-74: 3.2% (3.4%)
75 and over: 3.5% (3.7%)
Green continued: “It will be important for policy makers to take note of the costly factors making life difficult for older age groups. Although gas and electricity price inflation eased slightly in August, it remains high. And this is one factor keeping inflation higher for the over-50s.”
In August, gas and electricity prices were 13.4% and 7.0% higher than a year ago, respectively.
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