Flakey skin is often the first sign of an illness as the skin shows the changes rapidly.
I would have the vet examine your pet as this could be a parasite issue, a kidney disease issue, a thyroid problem, a lack of fatty acids etc.
You can read about some skin issues here
http://moggycat13.tripod.com/id84.html
But at your cat's age a geriatric vet check up and blood work is a good idea as you may catch a disease early and be able to resolve it before much harm is done.
Hope this helps you!
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