State pensioners set to miss out on another bumper triple lock boost

The triple lock ensures the state pension rises each year by whichever is the highest of 2.5 percent, inflation or average earnings. This year, it is expected pensioners will be in line for a substantial rise if the policy is upheld.Inflation in the year to September was recorded at 10.1 percent, the measure typically used for the mechanism.While this is likely to represent good news for pensioners if it goes ahead, the bumper increase is unlikely to be replicated once again.Another year of double-digit pay rises is now no longer certain, given forecasts for inflation have now reduced.Yesterday, the Bank of England announced it would raise its Base Rate to three percent in efforts to tame rampant inflation.READ MORE: Seven key groups who may have been underpaid state pension State pensioners set to be denied extra bumper triple lock boost in another blow (Image: Getty)However, it simultaneously stated fears about the future of inflation were not as bad as originally perceived.A statement from the Monetary Policy Committee (MPC) added: ‘What will happen to interest rates will depend on what happens in the economy.’At the moment, we expect inflation to fall sharply from the middle of next year.’It is now expected inflation will drop to approximately 7.9 percent in the autumn of 2023.DON’T MISSThousands of Britons face ‘quiet scandal’ as overpaid tax in millions [LATEST]Readers argue state pension is not enough for retirement [INSIGHT]’Good news’ for pensioners as Bank of England hikes interest rates [UPDATE] State Pension UK: What is State Pension? (Image: EXPRESS)What is happening where you live? Find out by adding your postcode or visit InYourArea In response, Mr Sunak said: ‘We do have an excellent new Chancellor, I’m looking forward to his Autumn statement in a couple of weeks.’It wouldn’t be right to comment on individual policy measures before then. ‘But I think everyone knows we do face a challenging economic outlook and difficult decisions will need to be made.’Mr Hunt also said he would not be commenting on the matter before the Autumn statement.It means pensioners will be forced to wait until November 17 to gain more clarity on the situation.