What does the UK’s soaring inflation rate mean?

As inflation rises to its highest rate in a decade, we look at the implications for consumers, savers and interest rates

• UK inflation jumps to 10-year high as petrol prices soar

The headline rate of inflation in the UK has risen to 5.1% - its highest rate in a decade. The speed of increase has taken forecasters by surprise - last month the Bank of England said it expected inflation to peak at 5%, but not until April next year.