Cost of living 'rises by over £1,200'
By myfinances.co.uk staff
Households in the UK have seen the annual cost of living rise by £1,222.66 in the past 12 months, a new report has claimed.
MGM Advantage, which carried out the research, said retirees have been hit particularly hard by higher prices.
It estimated that in the typical household where the main occupant is aged 65 to 74, it would now take an extra £774.70 annually to keep their standard of living at the same level as a year ago.
For households where the main occupant is 75 or over, the figure was £383.91.
Aston Goodey of MGM Advantage said the increase in the CPI measure of inflation at the start of the year is having a "dramatic impact" on the cost of living for retirees.
In January, the annual rate of inflation rose to 3.5 per cent from 2.9 per cent in December. It had previously experienced a record increase from 1.9 per cent in November.
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