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Elderly `suffering high inflation`
25 December 2008
Although inflation is falling and the official rate now stands at 4.1 per cent, the elderly are still paying the price of high utility and food costs.
This is according to figures produced by the Alliance Trust, which suggest that people aged over 75 have an inflation rate of 6.7 per cent, potentially putting them at risk of financial problems such as high level debt.
In contrast, consumers aged under 49 are said to be experiencing inflation of 3.7 per cent, while those aged 50 to 64 are seeing rises in the cost of living of 4.3 per cent.
Commenting on the figures, Shona Dobbie, head of the Alliance Trust Research Centre, said: "This highlights the extent to which the elderly are suffering disproportionately as they spend a higher proportion of their budget on utility costs which have soared over the past year."
Earlier this month, Safe Home Income Plans warned that the £60 bonus the Government will give to people reliant on the state pension is insufficient due to rises in inflation.
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