Elderly 'hit hardest by inflation'

People over 65 are being hit hardest by an increase in food and energy costs, it has been reported.

According to figures from Alliance Trust, people between the ages of 65 and 74 years old are currently having to cope with an inflation rate of 3.2 per cent, while those 75 and over are experiencing a 3.4 per cent rise.

The company added that there has been a six per cent hike in food costs compared to last year and utility prices have gone up by close to four per cent.

Head of the Alliance Trust Research Centre Shona Dobie commented that the statistics show that headline inflation and its actual impact can often be two different figures.

"This month we have found that the over 75s are once again the most exposed to the negative impact of high food and energy costs," she said.

Last week the Bank of England's monetary policy committee voted to reduce the base rate level of interest to 5.25 per cent.

Related Articles:
UK consumers 'living on the edge financially'
UK locations 'more popular after screen exposure'
Bank of England 'disappointing 31 million people'
Bank of England 'disappointing 31 million people'
Citizens Advice 'welcomes' Financial Capability Action Plan