Figures released from the Office of National Statistics (ONS) has revealed a somewhat higher than expected rise in the rate of inflation from 2.3% to 2.7% in March.

The main reason for this rise has been the rise in air fares this period over that of a year ago, caused by  the Easter holidays coming somewhat later this year.

Energy prices moving higher with clothing costing more was offset by lower fuel prices. The Bank of England sees the 2017 inflation rate finishing at 3% but with a jump of close to half a percentage point in just one month, this could be a little on the low side, especially if oil starts moving higher.

With pay settlements coming in at 2.3 % currently, the UK household spend is under pressure and may remain that way for the rest of the year.