Workers in the UK who are aged between 50 and 64 are facing a much higher inflation rate following "sharp" rises in December, according to new figures.
Recently published data from the Alliance Trust Research Centre revealed that 50 to 64 year-old’s faced an inflation rate of 4.1 per cent December, compared to just 2.8 per cent in the previous month.
The figure represents the first time the age group has faced inflation of more than four per cent for more than 14 months.
Shona Dobbie, head of the Alliance Trust Research Centre, said, "As expected, inflationary trends have increased sharply this month, reflecting the anniversary of the VAT cut in December 2008, higher fuel costs and the fact that the recent depreciation of sterling is pushing up the cost of imported goods.
"These price moves are currently having the greatest impact on the two working age groups who spend a larger proportion of their budgets on the goods and services which are seeing high price increases."
Should inflation and the cost of living continue to rise many people aged 50 to 64 could begin to look at additional ways to fund their retirement.
Taking out a policy such as an equity release scheme can boost a homeowner’s income with cash taken from the value of their property assets.
