New figures show that UK inflation is now at its highest rate since November 2014.
The data, from the Office for National Statistics (ONS), shows that the Consumer Prices Index (CPI) rose to 1.6% in December, up sharply from 1.2% in November. The Retail Prices Index (RPI), which includes housing costs, rose from 2.2% to 2.5%.
Rising air fares and food prices contributed to the unexpectedly sharp rise, as the effects of the falling pound start to be felt.
Reacting to the figures, Mike Prestwood ...