Inflation rate three times higher for millennials than for pensioners

Rate was 0.9% for under-30s in March but was just 0.3% for over-65s, says a report into financial pressures on young adults

Young adults in the UK are facing inflation rates three times higher than those for pensioners, according to a new analysis that highlights the pressures of the cost of living on millennials.

The widening generational inflation gap is being driven by under-30s spending proportionally more on things that are getting more expensive, such as education, dining out, rent and household bills, according to Fidelity International. At the same time, those in the demographic spend less of their budget on groceries compared with older generations, so they have not enjoyed the same boost from falling food prices.

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