Inflation fears are fuelled as headline CPI rate surges to 3.2% in August

Inflation fears were fuelled today as the headline CPI rate recorded its largest jump ever in August to 3.2 per cent.

The consumer prices index rose above the expectations of analysts to reach its highest level for more than nine years. 

The rate is far above the 2 per cent target set by the Bank of England, which has insisted the spike will be temporary. 

Experts have pointed to the warping effects of Rishi Sunak‘s Eat Out to Help Out scheme, which slashed prices last summer.

The Office for National Statistics suggested the discounts a year ago had added 0.3 percentage points to the…

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