The UK rate of inflation has grown higher to 5.5 percent in the last 12 months to January, economists have said.
This comes as experts have warned that the nation is facing a cost of living crisis as energy prices are rocketing and as inflation rises, so does food and fuel prices.
As the Mirror reports, the increase means that the rate of Consumer Prices Index (CPI) continues to remain at a near 30-year high.
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Clothing and footwear saw the largest jump over the last 12 months to January, according to economists at the Office for National Statistics.
The ONS said shoppers also noticed the lowest January discounts in stores since 1990.
Meanwhile, the cost of furniture and second-hand cars also pushed CPI higher, as well as rising energy and fuel costs.
However, experts warn that the rate of inflation might not stop here, with some suggesting it could hit more than 7 percent in April.
With the central bank increasing its base rate from 0.25% to 0.5% earlier this month, surging inflation has prompted the Bank of England (BoE) to hike interest rates.
This follows a jump from 0.1 percent to 0.25 percent in December 2021.
The BoE suggests CPI inflation will be back to 2 percent by 2024.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: "Inflation ticked up again in January, reaching a near 30-year high.
"Clothing and footwear pushed inflation up this month and although there were still the traditional price drops, it was the smallest January fall since 1990, with fewer sales than last year.
"The rising costs of some household goods and increases in rents also pushed up inflation. However, these were partially offset by lower prices at the pump, following record highs at the end of 2021.
"Some annual changes this year are affected by last year's lockdown, when many services were unavailable."
Laith Khalaf, head of investment analysis at AJ Bell, said: “Inflation is building and is now expected to reach a crescendo of over 7% in April, heaping pressure on consumers, businesses and savers.
“The elevated figures we are seeing today are effectively sunk costs, reflecting prices rises which have already happened, but what’s just as concerning is there’s more inflationary pressure to come.
"The Bank of England expects inflation of over 5 percent in the next year, and on top of the 5.5 percent we’ve just witnessed, that adds up to a double digit hit to consumer purses in just two years.“
