A new study of age-related inflation has revealed that the over-75s are being hit the hardest.
The research from Alliance Trust showed that the inflation rate for this age group rose from seven per cent to 7.8 per cent in September.
This is the highest level ever recorded in the history of the survey and is 50 per cent more than the official rate, which stands at 5.2 per cent.
Over-75s are being impacted the most by the rising cost of gas and electricity, contributing to the high level of inflation for that group, the organisation claimed.
Shona Dobbie, head of the Alliance Trust Research Centre, said that the trend is “particularly worrying for elderly consumers, especially as we enter the winter months”.
She added: “Higher gas and electricity prices leave these households with less money to spend elsewhere.”
Pensioners may consider equity release as a means of raising funds from their homes, as it can contribute to the cost of home care, according to Safe Home Income Plans.
By Jamie Price