You are here: Home - Saving & Banking -

Elderly face higher inflation rate

Written by:

The inflation rate facing people over 75 years old is now 36% higher than the official rate of inflation, according to Alliance Trust.

Research from Alliance Trust found that people in the above age category face an inflation rate of 3.4%, nearly 1% higher than the UK’s official headline rate of 2.5%. Food price inflation is close to 6% and electricity prices have risen by more than 5% over the past year.

According to Alliance Trust, these price increases have a major impact on the inflation rate facing the elderly because a significant proportion of their household income is spent on these items.

Shona Dobbie, head of the Alliance Trust research centre, said: “The problem facing all households at the moment is that the prices of basic goods and services are displaying the highest level of inflationary pressure. These are the items which we buy every day and every week and so the impact on our wallets is highly visible. This makes inflation seem a lot higher than the official rate suggests.

“Unfortunately, we see little respite from this situation over the next couple of months as the oil price remains high and some categories of food are beginning to experience shortages on a global basis. We would not be surprised to see headline inflation rise further.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Rises in consumer debt and recreational spending

Consumers’ recreational spending has risen strongly in recent years while net lending to individuals has almost doubled since 2000, according...