The rate of price inflation, as measured by the Consumer Prices Index (CPI), is continuing to rise towards the Bank of England target of 2%.

The latest figures for the year to January 2017 show inflation up from 1.6% to 1.8%.

This is the highest level for CPI price inflation since June 2014.

According to the ONS, the main reasons for this rise are higher petrol and diesel prices, and a slowdown in the fall in food prices.

Some of this price inflation is no doubt attributable to the fall in Pound Sterling at the start of last year and again following the Referendum in June, as this has resulted in higher import prices.

From next month onwards, the ONS is adopting CPIH as its preferred measure of British inflation, a measure that includes more housing costs.

CPIH does not measure house prices or mortgage payments, but instead estimates how much a home-owner would pay to rent their own home. It will also include council tax.

CPIH this month stood at 2% for the year to January, up from 1.7% the previous month.

Despite this change in the inflation measure, there are no plans to ask the Bank of England to start targeting CPIH instead of CPI inflation.

Always keep in mind that our experience of price inflation is very person, depending on the goods and services we each consume.

What is published by the ONS each month offers a useful average of the national inflation experience, but for the purposes of constructing and maintaining your financial plan, it is important to make inflation assumptions based on your own lifestyle costs.