UK consumers aged 50 and over are being hardest hit by inflation, according to Saga.

Official figures from the Office for National Statistics (ONS) show that the consumer price index rate of inflation fell to 3.4 per cent in February, compared to 3.6 per cent in January.

However, despite the respite for many people across the UK, Saga has revealed that the actual rate of inflation for those aged between 50 and 64 reached 3.6 per cent.

The study, compiled by the Centre for Economics and Business Research, also shows that UK consumers aged 75 and over are facing a 3.5 per cent rate of inflation.

Dr Ros Altmann, Saga's director-general, said: "Price increases remain higher for older people than the average family faces and inflation is still eroding the value of fixed pensions and savings.