Over 50s 'facing higher inflation'

Concerns have been raised by an investment group that over 50s may be suffering more from inflationary pressures than younger consumers.

According to research by Alliance Trust, older people who spend the majority of their budget on basic goods and services are facing an inflation rate that is up to 71 per cent higher than those under 30.

Increases in the prices of food and utilities are reported as hitting the budgets of over 50s particularly hard, and older people are also less likely to benefit from cheaper prices on audio-visual goods and clothing.

Shona Dobbie, head of the Alliance Trust research centre, said that the discrepancy "continues to cause us some concern, as this clearly highlights the extent to which the elderly are not reaping the same relative benefits of easing prices".

Earlier this month, charity network Citizens Advice expressed its concern that older consumers were finding it more difficult to gain access to independent financial advice to help them manage their budgets through the recession.

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