RICH Londoners are living it up during the recession, as prices for luxury goods come crashing down, says a new report.

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While general inflation stands at 2.3% and the prices of some basics like vegetables have seen hikes in the double digits over the last year, the cost of luxury goods has fallen by 3.7%.

Wealth management company Stonehage got their figures by checking prices on a range of upmarket products and services, bought in London, to produce its Affluent Luxury Living Index.

But even that 3.7% figure is probably understating the bonanza for the super-rich.

Stonehage point out that they have used official prices for their survey, when many luxury items are subject to off-ticket discounts of up to 30%.

Even better news for those who regularly buy high-end items is that the downward trend is set to accelerate thanks to the continuing recession and the recovery of the pound, which will make imported goodies even cheaper.

* One famous member of the Super Rich club, Prince Charles, pulled off the impressive feat of landing a 25% increase in his government hand-out, while also slashing his tax bill.

Figures released today show Charles scooped £3M in tax-payer cash last year, despite being a huge landowner in his own right and, in an echo of the MPs expenses scandal, it is thought Charles claims butlers and personal dressers as business expenses.