Elderly inflation rate ‘increasing’
The rate of inflation being faced by people over the age of 75 has gone up, it has been reported.
The Alliance Trust Research Centre's (ATRC) Age and Inflation report has claimed that the amount has increased 0.2 per cent to 4.7 per cent.
Householders over 75 have faced rates higher than 3 per cent since May 2006, it added.
And the report highlighted the facts that 4.7 per cent is higher than the rate of inflation for those in the lowest income bracket in the UK - currently standing at 4.3 per cent.
"The UK’s elderly are hit hardest by the current high level of inflation… [They are] forced to allocate their budgets to the goods and services which have experienced the highest price changes, leaving little disposable income," said Shona Dobbie, head of the ATRC.
As the level of inflation across the UK has reached 3.1 per cent, the Bank of England must explain how this has happened in a letter to chancellor Gordon Brown.
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