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Poorest households face fastest cost of living rise | Poorest households face fastest cost of living rise |
(about 2 hours later) | |
UK households with the lowest income faced the fastest cost of living rise in the past 11 years, figures show. | UK households with the lowest income faced the fastest cost of living rise in the past 11 years, figures show. |
The rising cost of domestic gas and electricity was one suggested reason for the trend. | The rising cost of domestic gas and electricity was one suggested reason for the trend. |
Households without children and retirees also experienced faster price increases in their typical basket of goods, the Office for National Statistics (ONS) said. | Households without children and retirees also experienced faster price increases in their typical basket of goods, the Office for National Statistics (ONS) said. |
The ONS analysed inflation rates for different households from 2003 to 2014. | The ONS analysed inflation rates for different households from 2003 to 2014. |
Those who spent the most money saw the lowest level of inflation, the ONS concluded. | Those who spent the most money saw the lowest level of inflation, the ONS concluded. |
This could be explained, in part, by prices of package holidays and education barely rising over recent years. | This could be explained, in part, by prices of package holidays and education barely rising over recent years. |
The ONS said that households in the bottom 10% of the income scale had an average annual inflation rate of 2.9% each year from January 2003 to October 2014. | The ONS said that households in the bottom 10% of the income scale had an average annual inflation rate of 2.9% each year from January 2003 to October 2014. |
This compared with an inflation rate of 2.6% among the wealthiest 10% of UK households. | This compared with an inflation rate of 2.6% among the wealthiest 10% of UK households. |
TUC General Secretary Frances O'Grady said: "This shows that people on low and middle incomes have seen their living standards fall the most. Households on lower incomes have faced a double whammy of the highest inflation rates at the same time as stagnating wages." | |
The ONS said the top 10% of households in terms of spending saw prices rise, on average, by 2.3% over the same period. This compared with 3.7% among the 10% of households which spent the least. | |
Households with children saw the cost of living rise by 2.4% on average each year, compared with 2.7% for those without children. | Households with children saw the cost of living rise by 2.4% on average each year, compared with 2.7% for those without children. |
Non-retired households saw prices rise on average by 2.5%, compared with 2.8% for retirees. | Non-retired households saw prices rise on average by 2.5%, compared with 2.8% for retirees. |
Researchers at the Alliance Trust have tracked inflation rates for different age groups in recent years. | Researchers at the Alliance Trust have tracked inflation rates for different age groups in recent years. |
It suggested that those aged 75 and over spent a bigger proportion of their income on gas, electricity and food than any other age group - with the proportions rising steadily with age. | It suggested that those aged 75 and over spent a bigger proportion of their income on gas, electricity and food than any other age group - with the proportions rising steadily with age. |