Price jumps revealed in RPI figures

Food, household goods and tobacco have jumped in price over the last year according to the latest Retail Prices Index figures.

Food increased by 4.6 per cent with meat and vegetables in particular seeing sizeable jumps.

Mortgage interest payments stagnated with average rents increasing by 8.4 per cent.

There's good news for homeowners as we approach winter with nearly a 10 per cent reduction in gas prices, with a further 2 per cent reduction in oil costs.

Air travel has reduced in cost slightly with sea travel up by 3 per cent.