The expected post Brexit increases in UK inflation have started to feed through, probably in a small way, in the figures released from the Office of National Statistics earlier today.

Inflation figures for September have jumped from 0.6% to 1%, on the back of higher fuel prices and increased clothing costs.

While the value of the pound is down around 20% since Brexit, the ONS doesn't not think that higher export costs are playing much of a part in this increase. However, with the recent public spat over increased food price rises between Unilever and Tesco, caused by the lower value of sterling, it's not going to be that long before the Bank of England 2 % target level for inflation is breached. If fuel prices start recovering this would happen quite quickly.