New figures have suggested that the older sections of society are those which are being hit hardest by inflation.
According to Alliance Trust, those aged over 75 saw inflation reach 5.4 per cent in June, while 65 to 74-year-olds felt an increase of 4.9 per cent.
In comparison, adults aged below 30 experienced inflation at a level in keeping with the current national rate – 3.8 per cent.
Regardless of age, food costs are proving to be the biggest drain on household resources, which could be bad news for people trying to become debt free.
Again, pensioners have been affected the most, the over-75s witnessing food price inflation of 16.3 per cent.
Shona Dobbie of the Alliance Trust Research Centre warned: “Unfortunately, we expect little respite from this situation over the next couple of months as the oil price is expected to remain high and gas and electricity prices are expected to move higher.”
A survey by Abbey this week found that 86 per cent of Britons intend to take steps to offset the effects of inflation on their household budgets.
By Neil Condron