UK: Aviva Age Inflation Index: 2.9% inflation will hit those in retirement hardest

Alistair McQueen, Head of Savings and Retirement at Aviva, comments on today’s ONS Inflation figures

“Today’s inflation figure of 2.9% - a level not seen since 2013 – will raise concern among consumers about the impact of rising prices on their finances.

“Rising prices look set to squeeze incomes and put pressure on the pound, so budgeting and belt-tightening may be the theme of summer 2017, and beyond.”

“Aviva’s underlying Age Inflation Index shows that all ages are experiencing these price pressures, but the latest figures will hit those in retirement hardest - those who last year were enjoying an inflation rate bouncing around zero.

“Careful financial planning will be needed to help navigate these choppy financial waters.”

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