This figure is an average across all age groups, however Aviva’s Age Inflation Index looks at how different age groups are experiencing price inflation based on their different shopping habits.
For the first time since September 2013, price inflation across all groups exceeds the government’s target of 2%. The fall in the value of the pound and rising oil prices have contributed to rising consumer prices over the past year.
Aviva’s Age Inflation Index – March 2017
|Headline CPI||Under 30||30 to 49||50 to 64||65 to 74||75+|
Commenting on the latest data, Alistair McQueen, Head of Savings & Retirement at Aviva, said:
“Inflation is back for all ages. This time last year price inflation was below 1% for all ages and for those in retirement it was nearly non-existent. This is no longer the case. Price inflation for all ages now exceeds the government’s target of 2%.
“All eyes now turn to tomorrow’s wage inflation figures. The data may show that prices are rising faster than wages for the first time since 2014 – placing a further strain on our household finances. We already know that household savings are at an all-time low and household net borrowing is at levels not seen since 2006. More strain is not welcome.
“We live in uncertain times and uncertainty breeds anxiety. Aviva’s own recent research identified that the increasing price of basic necessities was the biggest concern amongst parents. No-one knows the future, but we are not powerless to act. Careful planning can help us take control of our personal finances and defy uncertainty at this time of change.”
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Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
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 Aviva’s Age Inflation Index calculates price inflation for different age groups based on their different spending habits, as reported in the ONS Family Spending data.
SOURCE: Aviva plc