What does inflation mean after UK rate makes surprise jump to 10.4%

dailyrecord.co.uk:

The cost of living is greater than ever, with everything from food to fuel increasing in price. It comes as inflation rate increased to 10.4 per cent in February, with the 'salad crisis' helping push up prices to the highest rate recored in 45 years.

The increase represents an increased of 0.3 per cent, with inflation accelerating from 10.1 per cent to 10.4 per cent last month.Inflation is a key indicator of the health of the UK economy, with thing including food, energy and household costs all contributing to the rate.

But what does inflation mean, how is it measured, and how will an increase impact you?When it comes to the economy, inflation is the in which the price of goods and services increase over time.

Broadly, inflation represents the overall increase in the cost of living across the country. However, inflation can also be more narrowly calculated by analysing certain good or types of services - for example the cost fo good or the price a haircut.