Elderly hit hardest by inflation
Oct 19, 2006
Britons over the age of 75 are facing higher levels of inflation than the rest of the population, a new report claims.
A study from the Alliance Trust Research Centre found that inflation for the over 75s was now running at 3.9 per cent, which is 56 per cent higher than the UK headline rate of 2.5 per cent. Inflation was hitting the elderly the hardest due to increases in food prices and gas and electricity bills, with over 75s spending a greater proportion of their monthly budget on these services.
Unfortunately inflation will always hit the elderly the hardest as the impact of gas and electricity for these households is at least twice as large as for those of working age, a spokesperson from the Alliance Trust Research Centre commented.
The situation is unlikely to help those struggling with debt in the UK, with recent research from the Foundation for Credit Counselling indicating that the average debt for those over 60 rose by 25 per cent last year to £33,568.
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