Inflation for the elderly 'has dropped by 2.8%'
www.moneynews.co.uk > General finance > Inflation for the elderly 'has dropped by 2.8%'
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Money News |
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Inflation for the elderly 'has dropped by 2.8%'
Wed 15th Jul 2009
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Data from the Alliance Trust Research Centre shows that the rate of inflation for those aged over 75 has fell from 3.6 per cent to 2.8 per cent last month.
However, this figure still means that inflation is still the highest for this age group and is 75 per cent more than that faced by the under-30s and 56 per cent steeper than the official rate of 1.8 per cent.
"The benefits of falling prices continue to come through more slowly for the elderly, who spend a larger share of their budgets on the basic goods and services where price falls have been more limited," explained Shona Debbie, head of the Alliance Trust Research Centre.
In April, MoneyFacts.co.uk revealed that the low interest rate currently set is hitting the elderly hard as many rely on their savings to get by day-to-day.
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