Commenting on the ONS consumer price figures out today, Andrew Sentance, senior economic adviser at PwC, commented:
"Inflation has risen to its highest level since the autumn of 2013, and this is adding to the squeeze on consumer spending shown in the latest retail sales figures. We should expect this rise in inflation to continue as the impact of the weakness if the pound feeds through into higher prices for imported goods and services.
"Inflation is set to rise to around 3pc or higher in the months ahead - with prices likely to be rising faster than wages. The resulting squeeze on consumer spending will reinforce the slowdown in economic growth we are now seeing."
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