Older people 'still suffering from higher inflation'

Inflation may have eased substantially in recent months, but price rises are still proving problematic for older people.

According to research from the Alliance Trust, people over the age of 65 are facing higher levels of inflation than younger members of society.

Indeed, while the inflation rate for people in their 30s was 1.8 per cent July, those aged 65 to 74 were facing inflation of 2.3 per cent.

This is because older people typically spend a higher proportion of their budgets on basic goods and services such as good and utilities.

For the over 50s, inflation was also at 1.8 per cent, although people in the 50 to 64 age bracket may be wise to start thinking about their future finance options

Those aged 75 and over were facing even higher price rises in July, with inflation for this age group standing at 2.8 per cent.

This is some 56 per cent higher than the rate of inflation facing the young.

However, rates have come down rapidly since May, when inflation for the over 75s stood at 3.6 per cent.

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