Why the jump in inflation is actually something that affects you

There's no doubt that we're all way more engaged with the news than we've ever been before. With so many world-changing things happening, it's hard not to be on the edge of your seat, scrolling through the headlines with your hands half-covering your eyes.

However, one area that hasn't really received much more attention in 2016 is economics. It's not the sexiest of endeavours. However, a big jump in inflation has just been announced, and you should actually be concerned about this. Trust us - pizza is involved.

OK, let's get the core economics-y bit over and done with (and bear with us - did we mentioned there was pizza involved?)

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Last month, inflation jumped to a two-year high. Economists had been pencilling in growth of 1.1%, but the Office for National Statistics (ONS) said the Consumer Price Index (CPI) hit a higher-than-expected 1.2%.

This is all well and good, but the real thing that affects us are the jumps in price tags that are driving this rise in the CPI.

So the key question is, what prices are rising? Well, unfortunately, it seems like it's all the good stuff.

(Dominic Lipinski/PA)

The main driver behind the rise in CPI came from clothing and footwear. Bargain hunters didn't have a good November, because retailers held fewer sales than the same month in 2015.

Not only this, but food prices have also been creeping up. We would be fine if it was kale and cottage cheese, but no - all of our favourite things are hit the hardest. We're talking about bread, cereal, garlic bread, pizza and cheese. Don't say we didn't warn you that it was all the best stuff.

Anyone who relies on their car has also been hit by rising fuel prices pushing up the cost of living.

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So all in all, it's pretty grim news for those who enjoy new clothes and cheesy pizza. Basically all of us then.

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