Inflation jumps to 3.7% - and it's set to get worse, raising fears of soaring interest rates

Daily Mail
"The soaring cost of food and petrol pushed inflation even higher than expected in new figures today, prompting fears interest rates will soon rise.The annual rate of inflation, the consumer prices index, jumped from 3.3 per cent to 3.7 per cent - confounding experts who had expected a 0.1 per cent hike.Prices rose 1 per cent between November and December - the biggest month-on-month rise since records began in 1996, the Office for National Statistics said.The wider retail prices index, which includes housing costs, also rose 0.1 per cent to 4.8 per cent in December, the figures revealed."