People of all ages are now facing lower rates of inflation, according to research carried out by the Alliance Trust Research Centre.

It discovered inflation rates for all age groups fell for the fourth consecutive month – a figure prompted by drops in both food and furniture prices.

People considering taking out a personal loan may be interested to read that Alliance Trust also revealed inflation fell by the smallest margin for those aged under 30 due to education costs and property rental.

However, it also highlighted that the over-75s are experiencing inflation which is 16 per cent higher than the national average.

Commenting on the figures, Shona Dobbie, head of the research centre, said this situation could further deteriorate due to increased prices for food crops, which will be prompted by the recent flooding in the UK.

“This would have the biggest impact on the inflation rate facing the over-75s, who spend a much higher proportion of their household budgets on these items,” she explained.

Alliance Trust specialises in pensions, investment services and fund management. Originally established in 1888 in Dundee, it now operates on a global scale, with offices in Hong Kong, London and Edinburgh.

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