Inflation for elderly 'falls by 3.6%', but remains relatively high

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Inflation for elderly 'falls by 3.6%', but remains relatively high

Wed 17th Jun 2009

The inflation rate pensioners and the elderly face has been reduced by 3.6 per cent over the last month, but is still high when compared to that of their younger counterparts, according to the Alliance Trust's latest figures.

The firm's statistics show that elderly Brits have to grapple with an inflation rate that is 71 per cent higher than that of 30-year-olds.

It also discovered that although gas prices remained static and there has been a drop in electricity fees in recent weeks, tax increases have been imposed on products such as tobacco and alcohol due to April's Budget.

Head of the Alliance Trust Research Centre Shona Dobbie stated: "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."

The Bank of England's current annual rate of inflation target stands at two per cent.

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