Alliance Trust reveals middle-aged worst hit by inflation

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Alliance Trust reveals middle-aged worst hit by inflation

Shona Dobbie, head of the organisation's research centre, explained this age group buys most of the consumer goods and services currently affected by inflation, such as fuel and imported items.

She said: "Average earnings have only grown by 1.5 per cent over the last year, highlighting the sharp erosion of purchasing power. This situation has been of great concern for several months now."

The middle-aged group will face the biggest rise in inflation for the fifth consecutive month at 4.5 per cent, which is 50 per cent higher than the official headline rate, according to Alliance Trust.

Moneyfacts.co.uk recently reported that the general rise will also negatively affect savers' rate of return on their investments.

It was revealed by the comparison website that any return calculated after basic tax and inflation deductions now stands at minus 2.42 per cent.

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