Older adults face highest rate of inflation

Older adults face highest rate of inflation

Despite a drop during November, older adults still experience the highest rate of inflation, research has revealed.

According to a study by the Alliance Trust Research Centre, households of the over-75s faced an inflation rate of 5.6 per cent in November, while 65 to 74-households experienced an inflation rate of 5.5 per cent.

While this is down from 5.8 per cent rates of inflation in October respectively for households over-75 and between 65 and 74, inflation for older adults is still higher than for other persons, who saw a headline rate of inflation of 4.8 per cent in November, down from 5.0 per cent in October.

Financial pressure on older adults has been compounded by rising gas and electricity inflation, which has increased to 25 per cent and 16 per cent respectively.

According to the Alliance Trust Research Centre increases in the cost of utilities affect older age groups to a greater extent than others, as they allocate larger proportions of their budgets to utilities.

Over-75s reportedly use nine per cent of their household spend on gas and electricity, compared to just four per cent allocated by under-30 households.

Energy price rises are causing concern among medical professionals, as many older adults face fuel poverty this winter and are vulnerable to cold related ailments.

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