The rate of inflation in the UK has hit 4.2%, the highest level for a decade.
Rising fuel and energy costs have been a significant factor in driven inflation, while the cost of transport and eating out have also been contributing factors.
Inflation is a measure of how much the cost of goods has gone up over time. The Bank of England is responsible for keeping inflation low and stable, and is set a target by Government of 2%.
Inflation has been rising since the COVID-19 pandemic, with the Bank of England warning it may have to increase interest rates over the coming months to deal with the rates.
Today’s reported increase by the Office for National Statistics has been seen as a trend, with the inflation rate expected to rise further into next year.