Abacus Daily Debt News

Elderly ‘face higher inflation’

Despite the official rate of inflation declining, elderly people still face a higher level than other age groups, research has shown.

Inflation for over-75s stood at 5.4 per cent in January, 80 per cent higher than the government’s figure that was released yesterday, according to the Alliance Trust Research Centre.

Gas and electricity price hikes have hit older people the hardest throughout the winter and contributed to this discrepancy, the firm noted.

The elderly spend over seven per cent of their budget on energy bills, while under-30s pay out just three per cent, it added.

"We are concerned that inflation facing the older age groups remains high. The elderly are not seeing the same benefits of falling prices as the young," remarked spokesperson Shona Dobbie.

The Office for National Statistics revealed that the official rate of consumer prices index inflation stood at three per cent in January, with falling petrol prices named as a downward pressure.

By Jamie Price