UK Money News
7th July 2008
Pensioners hit hardest by higher living costs
Pensioners' incomes are being hit by above inflation increases in the cost of living, it has been claimed.
According to Clerical Medical, over the last ten years the cost of living has risen by 36 per cent for those who live on a pension.
By way of comparison, the increase in retail price inflation over this time has gone up by just 32 per cent.
The disproportionate effect that price hikes is having on pensioners is due mostly to the fact that housing costs have risen 69 per cent in this time and that these typically take up a larger slice of their income than consumers of working age.
Martin Ellis, chief economist of Clerical Medical, said: "The cost of living for pensioners has increased by more than that for all households during the period, particularly in the last five years.
"Higher housing costs have been the key factor behind rising living expenses, accounting for a quarter of the total average weekly expenditure of a typical pensioner household."
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