State Pension to increase by £460 a year, but most pensioners will still be worse off

With most pensioners paying tax, and more than half next year’s rise simply keeping pace with inflation, most pensioners will still be worse off overall in real terms if they lose the winter fuel payment. Last week’s labour market data shows that average earnings in the three months to July 2024 rose by 4.0% – likely the figure used to …

Retirement ProfessionalsState Pension to increase by £460 a year, but most pensioners will still be worse off

Inflation falls to Bank of England’s target of 2%

Inflation has returned to target for the first time in almost three years. CPI inflation fell to the Bank of England’s 2% target in May, down from 2.3% in the previous month, the latest ONS figures show. CPI last hit 2% in July 2021, almost three years ago, and has fallen from its peak of 11.1% in October 2022. On …

Retirement ProfessionalsInflation falls to Bank of England’s target of 2%

UK inflation drops less than expected to 3.2%

Food price rises are slowing but rate cut decision still several months away if figures remain where they are. UK consumer prices index (CPI) inflation slowed less than expected to 3.2% in March, raising the prospect that a rate cut will take longer than predicted. Although the March figure is the smallest monthly inflation rise for two-and-a-half years, it is …

Retirement ProfessionalsUK inflation drops less than expected to 3.2%

UK inflation falls to 3.4%

Inflation came in below economists’ forecasts of 3.5%. UK inflation has fallen to the lowest level seen since September 2021, with the annual rate falling from 4.0% in December and January to 3.4% in February. The ONS data shows that core CPI inflation (stripping out energy, food, alcohol and tobacco) was 4.5%, down from 5.1% in January, while food inflation …

Retirement ProfessionalsUK inflation falls to 3.4%