The Bank of England’s Consumer Price Index cost of living benchmark for August matched May’s five-year high figure, prompting talk of an interest rate hike sooner than previously expected.

The Bank’s policy makers meet later this week to discuss whether to raise the base lending rate from its historical low of 0.25%, however, many analysts believe that a rise may be delayed a little longer yet – but that’s not a guarantee.

Adam Chester, head of economics at Lloyds Bank Commercial Banking, told the Evening Standard: “We think that Brexit uncertainty will continue to trump inflation concerns and rates will remain on hold for now, but the risks are shifting.”

The latest inflation figures caused the value of the Pound to strengthen against both the Dollar and Euro, but they further highlight the wider pressure on the cost of living and talk of interest rate rises, will raise alarm bells in households up and down the land as home loan rates would undoubtedly jump accordingly.

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