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Easter contributes to April inflation dip

23 May 2012

Older homeowners who are struggling to make ends meet due to the state of the economy in the UK at the present time are likely to be welcoming the news that inflation was down during April.

According to the release of figures from the Office for National Statistics, the headline rate of inflation dropped from 3.5 per cent in March to three per cent in April, bringing it down towards the target set by the coalition government of two per cent.

It was noted by the body that the timing of Easter this year had a major impact on the rate of inflation in the UK, which is now lower than it has been in more than two years.

Interest rates

In September last year, inflation had crept up over five per cent and the coalition government was being criticised over its decision to proceed with its plan to keep interest rates low.

However, some older homeowners may find it hard to pay the bills at the moment and could be looking to products such as lifetime mortgages as a way to improve their financial situation.

Air transport, off-sales of alcohol, clothing and sea transport were among the areas that contributed to the drop in inflation over the course of recent weeks, while the rate was driven upwards by the operation of personal transport equipment, restaurants and hotels and rents.

Cost of living

It was noted by the Trades Union Congress (TUC) living standards index that the cost of living for the poorest ten per cent of households in the UK increased by 4.1 per cent in March, which is eight times faster than average weekly earnings.

General secretary of the TUC Brendan Barber stated there is a "terrible strain" on households at the present time, adding: "Everyone has been getting poorer month-on-month for the last two years. But poorer families have been hit particularly hard by soaring food costs and utility bills."

Using the equity release calculator from Key could be a good first step to take for anyone interested in unlocking money from the value of their home.

Posted by Tom PapworthADNFCR-2572-ID-801369294-ADNFCR