The Consumer Prices Index rose by 2.4% in the 12 months to June 2021, up from 2.1% in the 12 months to May.

The Bank of England target of 2% may not be seen for some time as eating and drinking out have become more expensive, as has fuel. Despite a worldwide glut a year ago and a significant reduction in the miles flown and driven, fuel prices over the last year are about 20% higher on average, also feeding through to our higher CPI. The US however is seeing inflation of more than double this at  5.4% over the last 12 months, a level not seen for  13 years.