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Elderly people in Britain are more likely to be financially affected by soaring inflation rates than any other age group, recent figures have shown. Over 55s charity Age UK has produced the Silver RPI, which charts the rate of inflation for the elderly by calculating how much of their income is spent on various items by people of different ages, and how much the price of those items has increased over time. The first Silver RPI results have shown that people over the age of 55 will face increases in the cost of living of at least £900 per year. Prospects only get worse for the older band of elderly Brits, with UK pensioners between the ages of 65 and 69 facing a £1054 increase in the annual cost of living. These dramatic increases in the general cost of living could see more and more of Britain’s elderly struggling with debt and financial hardship. If the cost of living for UK pensioners continue to rise, they could find themselves struggling to make ends meet, and having to seek help from Debt Management services. Gordon Morris of Age UK said: "At an age when a significant number of long-term financial decisions are being made, being able to accurately track the cost rises experienced by those over 55 is crucial. "The inflation experienced by those in later life is getting closer to that experienced by the general population but rising costs continue to be an issue. This means it is more important than ever for consumers to get the best value for money." Ref: DBT-HS-120511
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