Inflation hits pensioners hard

Petrol is now nearly £5 a gallon, 20% up on last year. A pack of butter is up 62% from last year. These are common stories at the moment. The headline rate of inflation reached 4.2% in May, with Government figures showing everyday items such as food increasing at 7% with utilities up more than 9%. Recent reports suggest the inflation rate for pensioners is even higher as the items retired people spend their money on are particularly affected. Pensioners relying on a fixed income will feel the impact of these big increases. According to recent ABI research, more than 90% of people reaching...