Over 50's facing highest inflation rates

People aged over 50 years are currently facing the highest rate of inflation in the UK, new figures have revealed.

A recently-published report from the Alliance Trust Research Centre (ATRC) showed that people aged between 50 and 64 years currently face inflation of 4.5 per cent.

According to the study, this is 50 per cent higher than the official headline rate.

The figures mean the age group faces the highest inflation for the fifth consecutive month.

Shona Dobbie, head of the ATRC, said: "As expected, inflationary trends have eased this month, following the sharp uplift in January.

"But price increases over the last year have still been relatively high in the case of many goods and services, reflecting the increase in VAT, high fuel costs and the fact that the recent depreciation of sterling has pushed up the cost of imported goods."

Concerns about the cost of living could encourage those in or facing retirement to look into additional ways of boosting their income.

Those who have invested in property could use an equity release scheme to receive a welcome cash injection taken from the value of their property.