Elderly inflation 'continues to rise'
Inflation in the price of products and services used by the elderly, specifically the over-75s, has continued to increase at a greater rate than headline inflation.
According to the Alliance Trust Research Centre, inflation for the over-75s is currently 3.9 per cent, 63 per cent higher than inflation for the whole country and almost double the government's inflation target of two per cent.
This rate is being attributed to increases in the prices of gas, electricity, food and soft drinks.
Shona Dobbie, head of the Alliance Trust Research Centre, said: "Although it was widely expected that younger age groups' inflation might start to catch up on retirees' inflation this month with the introduction of higher tuition fees, our studies show that the UK's elderly are still suffering most."
She added that falls in the price of clothing, footwear, petrol and household appliances had benefited younger consumers, meaning that the headline rate of inflation was not an accurate portrayal of the economy for retirees.
Last month, Fidelity International reported that nine out of ten people coming up to retirement risked using up their savings early due to increased life expectancy and urged "sensible" planning to ensure a comfortable retirement.
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