The level of inflation faced by young consumers is now on a par with that felt by the elderly, a new report reveals.

A study from Alliance Trust shows that the under-30s and the over-75s are both currently experiencing rates of inflation that exceed the official headline rate.

Inflation for over 75s is 17 per cent higher than the official headline rates, despite the fact that it fell from 2.2 per cent to 2.1 per cent over the month. The elderly continue to carry the burden of higher food costs.

But at the same time, the rate faced by the under-30s accelerated to 2.1 per cent in August, thanks to higher rents and education costs.

Headline inflation during August was below government targets, standing at 1.8 per cent.

"Even though monthly inflation has fallen, our four-year study continues to highlight the extent to which the UK's elderly are one of the groups hit hardest by current high levels of inflation," Shona Dobbie, head of the Alliance Trust Research Centre said.

"Despite a drop in headline inflation to just 1.8 per cent this month, the elderly still face a higher rate of inflation of 2.1 per cent.

"It is worrying too to see that young adults are now also facing inflation at above the headline rate because of higher rents and education costs, as well as the costs of basic goods."

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