The latest 3.8% figure now sits at almost double the Bank of England’s 2% target. The increase, driven largely by persistent domestic cost pressures, is likely to dampen any likelihood of a further interest rate cut from the current 4% base rate when the Bank of England next convenes in September.

Another figure that does not make for good reading is annual inflation which stands at 4.2%, up from 4.1% year on year in June, and the worst result for more than 18 months.