The costs of things are going up. The Office for National Statistics (ONS) said today that the rate of Consumer Prices Index (CPI) inflation rose to 2.7% in October, up from 2.2% the month before
Overall, the elderly have been hit by as much as 20%, if not more, rise in their living costs. This was obtained by using the Age UK silver inflation rate.
The fact our older people are spending more on energy and food means they have been hit the hardest by increases in their living costs. For many pensioners, the cost of living has increased by as much as 20% since 2008. This means that pensioners, are having to find as much as an extra £1,000 a year to hopefully maintain their living standards.
However, the fact remains that older people spend a bigger proportion of their income on heat, electricity and of course food means that they’ve been hit the hardest by all the increases in their daily needs. Additionally, I read that those 80+ have had a cut in their Winter Fuel Payment from £400.00 down to £300.00, with other pensioners having a £50.00 reduction to £200.00.