Elderly still face 7.1% inflation despite drop in headline rate
Despite a sharp fall in the official rate of UK inflation, the elderly are still being hit far harder than other age groups and face an inflation rate of 7.1%.
Alliance Trust’s age and inflation study found that despite headline inflation falling to 4.5% in October, the rate facing the over-75s remains 58% higher than this, as older people continue to be affected by high fuel prices. Gas prices have increased by more than 50% over the last year and electricity prices have risen by more than 30%, threatening to hit the elderly hard during the winter months.
The decline in inflation for the elderly was the smallest among the age groups covered. In contrast, the under 30s and the 30-49 year age groups are facing inflation rates which are lower than the official rate of 4.5%. This is because they spend a higher proportion of their incomes on discretionary items, such as audio-visual goods, clothing and footwear, where prices continue to fall.
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