Inflation in the UK has risen by more than 6% in the space of a year, according to latest figures. This is the biggest jump over a 12-month period in 30 years, the Office for National Statistics (ONS) said.
The official measure of inflation in the UK is the ‘Consumer Prices Index including owner occupiers’ housing costs’ - known as CPIH. It is calculated by tracking the price movements of 650 items that represent a basket of goods and services bought by the average UK household.
The basket is updated every year and prices are checked on a monthly basis at stores across the country. The items tracked come under 12 categories, including food and beverages, alcohol and tobacco, clothing and footwear, housing and household services and transport.
