Inflation in the UK remained flat at 3% in January indicating levels have now peaked and pressure on fixed income households, including pensioners, would ease, according to Aegon.
Consumer Price Inflation came in unchanged on the previous month after a fall in oil prices was offset by prices for cultural goods and services, according to the Office for National Statistics. Aegon head of pensions Kate Smith said that although inflation is still 10 times higher than it was two years ago at 0.3%, it's hoped that it has now peaked, reducing pressure on household incomes. However, she added: "Inflation will continue to hit people on fixed incomes the hardest, such as pensioners, for some time to come." "As people are living longer, with much of this spent in retir...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.