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But other factors, including developments in the Middle East, may also be playing a role.
The increase has reignited the debate about the state pension's long-term affordability and generational fairness.
The triple lock has come under scrutiny as the number of pensioners rises making the policy more expensive.
BBC Sport F1 correspondent Andrew Benson answers your latest questions after the Spanish Grand Prix.
The state pension rises by the highest of wage growth, inflation or 2.5%.
The former Liverpool and Barcelona midfielder joins Brazilian side Santos from his boyhood club Vasco da Gama.
Enzo Maresca seemingly took on an impossible job in the summer when replacing the legendary Pep Guardiola at Manchester City, but is making it look an easy task in the early stages of his tenure.
Richard Ganjavi says you never get over the loss of a child but hopes his book will be her legacy.
Zendaya, Noah Wyle, Sarah Snook and Colman Domingo are among the stars nominated for acting prizes.
Backstage, the winners continued the celebrations off-screen and addressed some of the ceremony's most viral moments.
Fish chowder is an iconic Bermuda dish...here's how to make it!
For years, Bermuda has been recognized as the shipwreck capital of the Atlantic Ocean.
Cruise ship season has arrived in Bermuda!
Bermuda is home to a thriving insurance industry! Read on for details.
Learn how to conserve water in Bermuda with these helpful tips.
Bermuda Railway Trail National Park is truly an Island treasure!
Drive for Change promotes road safety in Bermuda!