Annual inflation, the rate at which prices increase, was up at 5.4% in December, the highest value for almost 30 years, according to latest figures.
But what does it mean for you? The BBC’s consumer affairs correspondent, Colletta Smith, breaks it down.
Read more: Surging food prices push inflation to 30-year high
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Everything, Mr Abbott admits, feels like a gamble at the moment. Unless rates start to fall soon, they will...
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