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Payment protection: Inflation leaving over 55s worse off

Inflation is leaving the over 55s up to £600 per year worse off, new research has revealed.

Age UK Enterprises' Silver RPI report has found that since the beginning of 2008, those aged over 55 have experienced price rises at almost two per cent above that suggested by headline Retail Prices Index (RPI) figures.

Findings reveal that the gap between real and headline inflation has cost the average 60-year-old £620 per year.

Gordon Morris, managing director of Age UK Enterprises, said: "Many households are struggling with their finances but, as revealed by the Silver RPI, those in later life are disproportionately affected, particularly in recent times.

"The impact of inflation on over 55s has been substantially underestimated and it worsens as you age, with over 75s experiencing cost rises on average four per cent above official measures."

The Silver RPI has been developed by Age UK Enterprises by working in partnership with former Bank of England inflation specialists.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800349133-ADNFCR



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