Inflation among the over 75s is currently at 3.9 per cent, which is over 60 per cent higher than headline rate inflation of 2.4 per cent in September.

Factors such as increasing gas prices, as well as rising costs of food and soft drinks mean that the cost of living for the older generation is rising at a disproportionately high rate.

“We are seeing some quite dramatic price jumps within food and drink, which affects the spending of elderly people more,” said Shona Dobbie, head of the research centre at Alliance Trust.

“For instance, coffee, tea and cocoa prices are up 8.2 per cent in September, against 6.2 per cent in August and 2.1 per cent in July. Also, prices for fruit have risen to four per cent in September from 0.9 per cent in August, an increase that appears to be higher than the normal seasonal effect.”

Ms Dobbie stressed that the headline rate of inflation was indicative of the entire country and did not take into account the experiences of minority groups, in this case the elderly.

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