The Treasury has released its latest inflation statistics, and they’re not great news as inflation rose for the first time since October last year.

The annual rate stands at three point three per cent as of May, which is nought point four per cent up on April’s figure.

As you’d expect, over the last twelve months the highest price rise has been oil – up twenty per cent.

This has a knock-on effect, air travel has risen eighteen per cent and bus and coach fares rose fourteen per cent.

One nasty surprise, however, will hit the fashion conscious ladies: women’s outerwear went up fourteen per cent.