The economists got it wrong, again.

Despite widespread predictions of inflation rising to 2.1% for the year to February, the Consumer Prices Index (CPI) has instead 'surged' to 2.3%.

'Surged' might be overstating the increase, which was up from 1.8% in the year to January, but it's certainly a sizeable increase.

A lower Pound Sterling from last year is now feeding through into higher consumer prices, especially for food.

Interestingly, house price inflation appears to be going in the other direction - this could signal the start of things to come as Brexit negotiations begin, with higher consumer prices and lower house prices.

When considering your long-term Financial Plans, price inflation is an important assumption.

For the past few years we have been in a very comfortable low inflation environment, consistently below the Bank of England target of 2%.

With price inflation now higher than 2% and on the rise, but low interest rates being maintained, it's important to revisit Financial Plans and ensure your investments are correctly positioned to deal with this outlook.