After a prolonged period of low to moderate inflation, prices are on the rise again – and fast.

The Consumer Price Index  (CPI) has jumped from 0.4% in February 2021 to 6.2% in February 2022, its highest level since the early 1990s. Everything from electricity to eating out, from pasta to pyjamas costs a good deal more than it did a little over a year ago. And the consequences for our wallets are severe.

The Resolution Foundation is forecasting the biggest real-terms fall in household incomes since the mid-1970s, with a typical household’s income falling by £1,000 after adjusting for inflation.