Aviva Age Inflation Index Reports an Inflation of ⅔% For All Ages

LONDON, 19-Apr-2017 — /EuropaWire/ — The headline Consumer Price Index (CPI) was today reported to be 2.3%[1].

This figure is an average across all age groups, however Aviva’s Age Inflation Index[2] 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+
2.30% 2.24% 2.30% 2.39% 2.29% 2.04%

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[3]. 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[4]. 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.”

ENDS

Media Enquiries: Fiona Whytock, Senior Media Relations Manager, T: +44 (0)7800 692299 E: Fiona.whytock@aviva.com

Notes to editors:

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
  • The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.
  • For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/
  • For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
  • Follow us on twitter: www.twitter.com/avivaplc/
  • Follow us on LinkedIn: www.linkedin.com/company/aviva-plc
  • For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
  • We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.
Follow EuropaWire on Google News
EDITOR'S PICK:

Comments are closed.