Inflation soars to 4.4 per cent

The Office for National Statistics has revealed that the consumer prices index (CPI) rate of inflation has jumped again, rising to its highest figure in 11 years.

CPI rose from 3.8 per cent to 4.4 per cent in July, the highest monthly increase since the current recording method came into use in 1997.

Food was the main contributor, with prices rising 13.7 per cent, while petrol, air fares and energy bills all rose.

Such a situation may out further pressure on the Bank of England's monetary policy committee (MPC) to raise the base rate in order to curb inflation.

In July's meeting of the MPC one of its members, Tim Besley, voted to do just that.

Whether any other MPC members joined him in this month's meeting will be revealed when the minutes are released on August 20th.

Any rate rise could push up the cost of mortgages, making it harder for people to get on the housing ladder.

Those wanting to become homeowners for less may consider the self build method as one potential way of doing so.