From savings to shopping, will higher inflation ruin your finances?

What it means to you, as the Bank of England predicts prices are set to rise by 4%, the highest in years

When the Bank of England announced on Thursday that it had left interest rates on hold at just 0.1%, it made a prediction about inflation. The rate of price rises would increase in the near-term it said and is projected to rise temporarily" to 4% in the winter.

This would put it at its highest rate for 10 years, and would be double the level the Bank is tasked with targeting. After that, it forecast inflation running at 3.3% in a year's time, 2.1% in two years and falling back to 1.9% by the summer of 2024.