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Inflation figures could leave over-50s needing debt management advice

Inflation figures could leave over-50s needing debt management advice

- Thursday, 25 March 2010

People aged between 50 and 64 could well be beset by debt problems as, for the fifth consecutive month, they faced the highest rate of inflation.

Research conducted by the Alliance Trust Research Centre has shown that 50-64 year olds must contend with an inflation rate of 4.5 per cent, half as much again as the official rate.

The age group’s inflation problems are due largely to the amount its members spend on transport and fuel.

Both of these are areas facing particularly high inflation rates. Transport prices are 11 per cent higher while fuel prices are increasing by double that.

Shona Dobbie, head of the Alliance Trust Research Centre, acknowledged that inflation had fallen but pointed out that price increases on a range of goods and services had still been relatively high in relation to wage increases.

“Both working age groups still face an inflation rate in excess of four per cent, while average earnings have only grown by 1.5 per cent over the last year, highlighting the sharp erosion of purchasing power,” she said.

“This situation has been of great concern for several months now.”

Those aged over 75 continue to face the lowest levels of inflation.
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