The Government is under pressure to U-turn on its controversial decision to suspend the state pension “triple lock”, as soaring inflation eats away at pensioner incomes. 

Inflation has surged to its highest level in a decade at 5.1pc but the state pension will rise by only 3.1pc next April, September’s inflation figure.

More than 12 million pensioners will be hundreds of pounds worse off, as incomes fail to keep pace. In total, £187 will be wiped off all British pensioners’ yearly income if inflation remains at its current level, amounting to nearly £5,000 by the time they reach age 85.

Pressure has been mounting to reverse the break on the triple lock, which ensures the state pension rises by the highest of inflation, earnings growth or 2.5pc. More than 60pc of Northern MPs have criticised the decision to break the Conservative party manifesto pledge, according to a YouGov poll, commissioned by property firm McCarthy Stone, seen by The Telegraph.

Helen Morrissey, of stockbroker Hargreaves Lansdown, said many pensioners would struggle to meet mounting bills next year when the state pension rises by £5.55 a week. This falls nearly £4 a week short of the £9.15 increase needed to maintain spending power, she said.

She said: “If a pensioner is reliant on the state pension they will find their money will not go anywhere near as far as it did in the coming months. Pensioners tend to spend a larger proportion of their income on things like gas, electricity and food and these have all increased by far larger amounts than inflation so many people will struggle.”

Baroness Ros Altmann, a former Conservative pensions minister, who led a campaign in the House of Lords last month to defend pensioner incomes, said the Government had ignored the warning signs and betrayed pensioners.

“We all knew that higher inflation was coming and that 3.1pc was too low of an increase. But the Government wouldn’t listen. Pensioners have really been short changed and are facing a terrible time ahead,” she said.