Inflation figures set to hit 14-month high

New Bank of England Mark Carney might have to write a letter of explanation to the Chancellor. Credit: PA

Inflation figures are set to hit a 14-month high today after June saw a surge in prices at petrol pumps and on supermarket shelves.

Consumer Prices Index (CPI) inflation is expected to rise to around 3% from May's 2.7% level, when rising air fares and more expensive clothing and footwear intensified the squeeze on consumers.

New Bank of England governor Mark Carney will have to write a letter to Chancellor George Osborne explaining why prices are rising so fast if the figure from the Office for National Statistics (ONS) exceeds 3%.

Advertisement

Inflation hits 14-month high

Inflation surged to a 14-month high in June as rising prices at the fuel pumps and discounting by fashion retailers intensified pressure on households. Consumer Prices Index (CPI) inflation rose to 2.9% last month, from 2.7% in May, the (ONS) said.