Released on: July 31, 2008, 2:11 am

Press Release Author: Gracy

Industry: Financial

Press Release Summary: According to the financial researchers the average cost of living has grown up by about 33 percent during the past decade.

Press Release Body: London (Ask4loan) July 30, 2008: These are financially very hard times for the pensioners. Housing costs rising at the rate of 69 percent are the key factor behind the pensioner inflation. These are the views expressed by a Clerical Medical report.


During the past decade pensioners\' spending on goods and services has grown by 36 percent, which is far higher than the 32 percent rate of increase in the retail price index (RPI}. Housing as the largest single item of spending from the pockets of the pensioners accounts for 25 percent of their total expenditure. Per pensioner\'s average weekly cost of housing stands at 63.65 pounds.


Housing costs have seen an escalation in their prices fueled up by 89 percent hike in the council tax and the costs of repairs and maintenance going up by 84 percent. Also prices of alcohol and tobacco went up by 45 percent, transport by 43 percent and non-alcoholic drinks and food by 29 percent during the last decade. Clothing and footwear section is the only one part where the prices came down by 23 percent during the time between 1998 and 2008.


Martin Ellis, the chief economist at Clerical Medical, told: \"The cost of living for pensioners has increased by more than that for all households during the period, particularly in the last five years.\"


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