Shopping basket basics up 10%

Shopping site mySupermarket conducted this review which concluded that the cost of a typical basket of food is now 6.1% higher than it was a year ago. Households who did spend £100 per week on grocery shopping in 2010 now have to find an additional £317 per year to purchase the same commodities.

To cope with the rise in prices households are buying less food or switching to lower priced brands.

According to analysts at Alliance Trust, food bought by older people has seen the biggest price rises. They put the food inflation at 12.5% for those aged between 50 and 64, rising to 15.5% for people aged 65 and 74 years and 17% for the over 75s.

Gordon Morris, of Age UK, issued a statement to raise awareness of the fact that more needs to be done to recognise the fact that the cost of living in later life is impacted the greatest. This comes at a time when over 30% of pensioners are now buying cheaper food or less food to make ends meet.

Homeowners aged over 55 years who are worried about the rising food prices and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.