- Wednesday, 17 February 2010The older generation may need
IVA advice following a sharp increase in the rate of inflation.
New figures for the Alliance Trust Research Centre show that for the first time since October 2008, the 50 to 64-year-old age group faces an inflation rate of five per cent.
Those in the 65 to 74-year-old group are being hit with an increase from 3.8 per cent to 4.6 per cent, according to the research.
The increase, particularly for those among the 50 to 65-year-old age group, was attributed to spending more on transport.
Head of the Alliance Trust Research Centre Shona Dobbie said the sharp increase in inflation was expected, given the recent increase in VAT, rising prices for alcohol and tobacco and high fuel costs.
"These price moves continue to have the greatest impact on the two working age groups who spend a larger proportion of their budgets on the goods and services which are currently seeing the highest price increases," she said.
David Kuo, director of financial website The Motley Fool, recently claimed that rising inflation is something people "need to be very aware of", and budget accordingly.
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