New research shows that the rate of inflation for older generations is significantly higher than that suffered by their children and grandchildren.
The report by Alliance Trust showed that the inflation rate for people aged between 64 and 74 is 5.1% per year, compared to the latest CPI figure for June which was 4.2%.
People under the age of 30 suffer the lowest rate of inflation at 4.6% because of the relatively small amount they spend on food. They are also the group most likely to live in rented accommodation and rent inflation is running at just 2.2%.
Goods & services
The reason for ...