Inflation rates down - but still affecting elderly

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Drops in the price of energy and gas bills have been widely cited as the reason for a recent fall in consumer price index (CPI) inflation - but price rises are still continuing to hit the elderly the hardest, according to the latest research.

Recently released statistics show that CPI inflation dropped to 2.8 per cent in April - down from 3.1 per cent in March. This remains above the government's target of two per cent - but still represents movement in the right direction.

"Falls in gas and electricity bills account for two thirds of the dip in annual inflation between March and April," Abbey's chief economist Barry Naisbitt said.

"The Bank of England's February Inflation Report showed that further falls in annual inflation are expected as the year progresses, reflecting to a large degree an unwinding of the effects of the rapid rise in oil prices last year."

But a new report from the Alliance Trust shows that the rate of inflation facing the over-75s still stands considerably above the headline rate - at four per cent. It did decline by 0.7 per cent during the month however, the Alliance Trust said.

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