Dave Jose, senior Financial Planner at Seer Green Financial Planning, said: “Today’s inflation figures are something of a surprise as previous predictions pointed more towards the target of 2% over coming months.
“A number of seasonal factors may have contributed to this, such as a 21.7% rise in air fares, making sunshine holidays abroad more expensive.
“The price of bread and other food products rising due to a record wet UK spring and summer, together with more expensive Eastern European food imports, could also be contributing factors.
“However, I do not believe this latest inflation figure is a sign that inflation is on the rise for the longer term, or that we’ll be seeing higher figures again in coming months – more that this is something of a blip.
“Neither do I see this as a negative for business and believe the rate will drift lower over the coming months as the overall downward trend in prices remains unchanged.
“We also believe the cost of inflation for the average person to a large extent can be reduced by ensuring they have a grip on their personal and household finances – and are not paying more than they need to on necessary products and services.”