It’s that time of year when more people start paying attention to the Consumer Price Index (CPI) inflation rate, as the September figure is used as part of the Triple Lock measurement to determine the annual State Pension uprating for the following financial year.
The June CPI was 7.9 per cent, down from 8.7 per cent in May, and its lowest rate since March 2022.The Triple Lock makes sure that the State Pension doesn’t lose value over time and guarantees that each year it rises by the highest of three measures - average earnings, September’s CPI inflation rate, or 2.5 per cent.
The Bank of England's current September CPI forecast is 7 per cent, which would see another bumper boost next April for people on the State Pension over the 2024/25 financial year.
This might also see disability benefits rise by the same uprating, but even an uplift of 2.5 per cent would see people on the highest awards for Personal Independence Payment (PIP), Adult Disability Payment (ADP), Disability Living Allowance (DLA) or Child Disability Payment, receive over £708 every four-week pay period.At present, people claiming any of the disability benefits mentioned above receive between £26.90 and £172.75 each week in additional financial support from the Department for Work and Pensions (DWP) or Social Security Scotland.
Read more on dailyrecord.co.uk
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