The state pension is relied upon by millions, many of whom will want to see the highest increases possible to the sum. Many pensioners described being let down this year, after it was announced the triple lock measure would temporarily be halted.
However, good news could be on the horizon, as the updated Bank of England inflation forecast may spell a “bumper increase” of over eight percent.
It is predicted inflation may reach eight percent by the spring, and might be even higher later in the year.
Previous forecasts, though, had suggested a peak in April followed by a gradual decline.
Although a squeeze could be felt on finances in the short term, there could be longer term benefits for pensioners.
READ MORE: State pension to rise but triple lock freeze means Britons miss out
This means it is at the highest level since the start of the pandemic back in March 2020.
A DWP spokesperson recently told Express.co.uk: “The one-year move to temporarily suspend the triple lock ensures fairness for both pensioners and taxpayers.
“It follows action we took last year to protect pensioner incomes.
“We know this has been a challenging time for many people, which is why we’re providing support worth around £12billion this financial year and next to help households across the country with the cost of living.
“A further £9billion was recently announced by the Chancellor to protect against the impact of rising global energy prices.”
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