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PPI refunds: Cost of living to increase by £33 bn

The cost of living in the UK is set to increase by £33 billion this year, with the average household having to spend £35,261 per annum, a report has found.

Last year, the cost of living for the average household was £34,002.80.

Therefore, if a household maintain the standard of living they had in 2010, they would have to spend an additional £1,258.

That is according to MGM Advantage, the retirement income specialist. The figures are based on the company's analysis of data released by the Office for National Statistics and the Consumer Price Index.

Findings also reveal that retired people will be worst effected by inflation and other price increases.

Aston Goodey, sales and marketing director at MGM Advantage, said: "Rising inflation is a hot topic at the moment and it is really hitting some retired people very hard.

"Retired households also have to cope with falling annuity rates."

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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