Aviva comments on today's ONS inflation figures and highlights how price rises are back for all ages, and the gaps between ages are narrowing, but the under-30s continue to experience the highest inflation.
Under-30s continue to experience the highest price inflation at 1.9%, but price rises are back for all ages, and the gaps between ages are narrowing. While the under-30s continue to experience the highest inflation - at 1.9% - the change over the past year has been the greatest for over-65s.
Those aged 65-74 have seen their price inflation rise ten-fold, from 0.17% in January 2016 to 1.74% today. Those aged 75 and over have seen their price inflation rise near twelve-fold, from 0.12% in January 2016 to 1.41% today.
Aviva’s Age Inflation Index
| Age | <30 | 30-49 | 50-64 | 65-74 | 75+ | Headline |
| Jan 2016 | 0.69 | 0.25 | 0.28 | 0.17 | 0.12 | 0.30 |
| Jan 2017 | 1.90 | 1.77 | 1.87 | 1.74 | 1.41 | 1.80 |
| Increase | 277% | 699% | 668% | 1035% | 1188% | 600% |
Commenting on the analysis, Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Price inflation is back for all ages, and it seems inevitable that the Bank of England’s target of 2% will be met later this year.
“Since 2011, the price inflation experienced by the under-30s has exceeded all other ages, but the past year has seen the rebirth of price inflation for all, especially those in retirement. For some time, price inflation has been a forgotten concept for many in retirement. Those days are coming to an end. Careful and constant budgeting will help all ages, especially those in retirement, manage this new landscape.”
Ends
If you are a journalist and would like further information, please contact:
Aviva Press Office: Fiona Whytock: 07800 692 299 or fiona.whytock@aviva.com
Aviva’s retirement spokesperson, Alistair McQueen, is available for comment/interview
Notes to editors:
*Aviva’s Age Inflation Index examines the price inflation being experienced by different age groups, based on their reported shopping habits.
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