What does the record leap in UK inflation mean for me?

Jump in August to a nine-year high of 3.2% will have an impact on pay packets and savings

• UK inflation in record August jump as food and drink prices rise
• Business live updates: UK inflation hits 3.2% in August

The headline rate of inflation in the UK has recorded its biggest ever jump, leaping from 2% in July to a nine-year high of 3.2% in August. Earlier this summer the Bank of England said it expected annual price rises to hit 4% before the year was out, before dropping off slightly.