Older people 'facing higher inflation'

Living cost inflation is proving more serious for the over 50s than other age groups, according to new research.

Inflationary pressures are proving a bigger problem for over 50s than for younger consumers, according to new research.

Statistics published by Alliance Trust have revealed that those aged over 50 saw their living costs increase by 1.7-2.2 per cent during August, compared to 1.7 per cent among those below this age.

According to the group, this is because older people tend to spend a higher percentage of their income on essentials such as utilities and fuel, all of which have tended towards higher-than-average inflation rates in recent months.

This is despite the fact that the average cost of food, which is a key expenditure for older people, fell by 0.7 per cent in the last month.

Shona Dobbie, head of the Alliance Trust research centre, stated that the easing of certain pressures is "encouraging", but suggested that inflation remains a problem for older people.

She said: "The benefits of falling prices continue to come through more slowly for the elderly."

This comes after research from the Institute for Fiscal Studies last month revealed that older people have seen rising heating bills in recent years despite having reduced the amount of energy they are using.

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