The level of inflation has been largely led by the rising cost of fuel, food, housing and utility bills, and despite petrol and diesel prices being lower the main contributors to inflation are still rising high.
This means the average household will need to find an extra £679 per year just to make ends meet, something that's even more difficult when wages only rose by 1.1% over the last year, whilst figures show it's the elderly who are faring worst.
Retirees are being hit hard by the combination of spiralling living costs and low interest rates, with the over-75s age group spending the highest proportion of their income on gas and electricity (where inflation is rising above 8%) and on food (where inflation is up to 4.8%).
Even though the basic state pension is expected to rise in April, by £2.97 per week, this won't be enough to cover the rising cost of living for many retirees, meaning a lot will need to seek out alternative income solutions.
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