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Daily Express - Inflation - What does it mean for pensioners? And how to plan ahead.

ended 17. April 2024

A journalist at the Daily Express would like comment on the following:

- What do the latest inflation figures mean for pensioners?
- Despite the downward trend, will many Britons be struggling with rising prices, particularly with bills going up this month?
- What can people do to plan ahead as prices continue to rise?

 

4 responses from the Newspage community

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Editor
Dariusz Karpowicz
Director at Albion Financial Advice
The recent inflation data is particularly tough on pensioners, who might find the "lower" inflation rate misleading. Essentially, lower inflation doesn't imply falling prices, just a slower rate of increase. Sadly, this distinction offers little comfort as the cost of essentials continues to rise, notably with bills climbing this month. For pensioners, the options to mitigate these financial pressures are limited, making it vital to review and adjust budgets wherever possible and seek advice on maximizing income from pensions and savings.
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Ian Hepworth
Director at Funding Solutions UK Limited
Pensioners on a state pension can't losr as they get the triple lock commitment from the government where they get an annual increase of the highest of earnings growth, inflation, or 2.5%.

Let's not for get that falling inflation does not mean falling prices. It simply means that prices are not going up as quickly as they were. That will be little comfort to those that are alraedy struggling to make ends meet.

Hopefully, as we enter the warmer months peoples energy bills will reduce that will give some breathing space.
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Gary Bush
Financial Adviser at MortgageShop.com
The inflation data does little for the pensioners of the UK who are chained to a fixed income with limited ability for growth to allow them to spread their household bills a little. The lag between the reduction of "staple items" cost is a killer for the retired.
The majority of Britons are now struggling or at least cutting back dramatically on non-essentials as they battle through this financial storm. It's clear that the countries' supermarkets have never seen such a sharp rise in their "own brand" goods range as people adjust their palates to squeeze every last drop out of their monthly budgets. A big driver to an easing of the pressure will be the first drop in base rate by the Bank of England, the country waits patiently for this day.
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Amit Patel
Adviser at Trinity Finance
CPI inflation fell to 3.2% in the year to March, down from 3.4% the previous month, but this was marginally above what some analysts had predicted at 3.1%.

Goods are still more expensive compared to a few years ago, we will not see prices reducing to those levels.

The irony is when inflation was out of control the Government said it was nothing to do with them, it was beyond their control, but now its coming down, its all thanks to the decisions they've made.