Inflation hits 40 year high of 9.4% as pensioners struggle to meet the cost of living | Personal Finance | Finance

Soaring inflation and rising prices are putting a real strain on household budgets, with pensioners one of the groups worst hit by the cost of living.

Chancellor of the Exchequer, Nadhim Zahawi said: “Countries around the world are battling higher prices and I know how difficult that is for people right here in the UK, so we are working alongside the Bank of England to bear down on inflation.

“We’ve introduced £37billion worth of help for households, including at least £1,200 for eight million of the most vulnerable families and lifting over two million more of the lowest paid out of paying personal tax.”

While retirees tend to rely on a lower income or just the state pension to get by, even pensioners with savings will be struggling.

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