Experts predict the April 2024 State Pension uprating could be based on earnings growth and not CPI inflation rate
UK inflation shot up unexpectedly last month, as vegetable shortages pushed food prices to their highest rate in more than 45 years, according to official figures. The Office for National Statistics announced that the Consumer Prices Index inflation rose to 10.4 per cent in February from 10.1 per cent in January.
The earnings figures used are the year-on-year increase for the period May to July and the most recently announced figure here is 5.7 per cent. Based on the assumption the Triple Lock would still be the measure, it could see those on the Full New State Pension receive £215.50 per week from April 2024 , some £815.40 per four-weekly pay period. An annual increase of £46.60.
Top Money Stories Today Steven Cameron, Pensions Director at Aegon, said: “The Chancellor’s Budget last week predicted that inflation might fall to 2.9 per cent by the end of the year, which would be great news for everyone struggling with the cost-of-living crisis. But the increase means we’ll need an even more dramatic fall from today’s position to achieve this.
Becky O’Connor, Director of Public Affairs at PensionBee, said: “People may have been hoping for some light at the end of the tunnel of ever-increasing inflation, so this month’s data will be disappointing. For pensioners, the rise in the State Pension in a few weeks, from £185.15 to £203.85 a week for the New State Pension and from £141.85 to £156.20 for those on the Basic State Pension, cannot come soon enough.
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