A drop in UK inflation is likely to see the earnings growth measure of the Triple Lock determine the annual uprating.
The latest figures from the Office for National Statistics show UK inflation fell to the lowest level in nearly three years in April. The Consumer Price Index inflation rate slowed to 2.3 per cent, down from 3.2 per cent in March and is now the lowest level since July 2021 when inflation was recorded at 2 per cent, which is the Bank of England’s target level.
The New and Basic State Pensions increased by 8.5 per cent in April, which means someone on the full New State Pension will receive £221.20, or £884.80 every four-week pay period during the 2024/25 financial year. Top Money Stories Today He said: “For the April 2024 increase, earnings growth in 2023 produced an inflation-busting 8.5 per cent increase. In April 2023, a spike in inflation the previous year led to a record-breaking 10.1 per cent boost to the State Pension.
Latest State Pension News State Pension uprating predictions for 2025/26 As Steven highlighted, the Triple Lock looks on track to be determined by the earnings growth element which is currently at 5.7 per cent. However, this figure may go up or down and isn't the final metric that will determine the level of uprating.That being said, a 5.
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