In the Office for National Statistics' last report inflation in December came in at 1.6 per cent.
Average pay growth of 2.7 per cent in 2016 is expected to slow to 2.2 per cent in 2016, while inflation rises to 2.7 per cent.
"These figures suggest that 'caution' was top of new year shopping lists," the British Retail Consortium says
The Bank upgraded its 2017 GDP growth forecast to 2 per cent, up from 1.4 per cent in November.
Input costs rose at the fastest pace since the survey began in 1992 due to sterling’s 12 per cent trade-weighted slump since last June's referendum
Spending power will be reduced as prices begin to rise, experts say
Unilever unveiled lower than expected results sending shares more than 4% lower
Inflation unexpectedly jumps to 1.6 per cent in December - higher than City forecasts of 1.4 per cent
It's the highest figure since the British Chamber of Commerce began gathering data in 1997
In its trading update Next also indirectly warned on the potential consequences the UK’s vote to leave the EU could have on its profits, citing ‘inflationary pressures’
Next shares fell more than 10 per cent in early trading after it warned that its profits would be at the lower end of its guidance after “difficult” Christmas trading
The iconic four-fingered chocolate treat will not be reduced to three, Dame Fiona Kendrick the chief executive of Nestlé, said
What will be the greatest threat to your money next year – job security? Your debts? Guess again
Restaurants rely heavily on foreign food imports, particularly wine, which will cost more as the purchasing power of the pound tumbles
Scenes on the streets of Caracas said to be reminiscent of the past century's most chaotic cases of hyperinflation
The overwhelming likelihood is that we are seeing a blip. It’s also important to look at the trend, rather than a single month’s movement