Inflation hitting elderly hard

August 19, 2009

The elderly look set to remain among the worst affected by the inflation rate.

According to the Alliance Trust Research Centre, the rate for over-75s has remained unchanged in July at 2.8 per cent.

The over-75s now face an inflation rate 56 per cent higher than those under 30.

For 65 to 74-year-olds the news is not much brighter, with the official rate being 2.3 per cent.

Shona Dobbie, head of the Alliance Trust Research Centre, said: "The benefits of falling prices are still coming through more slowly for the elderly, who spend a larger share of their budgets on basic goods and services."

People aged 75-plus were found to spend more of their budgets on food, electricity and gas than other age groups.

Ms Dobbie added that it was "disappointing" that inflation figures for the elderly had not receded.

For many people looking to find extra ways of getting cash, equity release could prove to be a beneficial method.
 Inflation hitting elderly hard

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