The Consumer Prices Index has now reached its highest point since November 2014, with the latest statistics reflecting prices changes in the post-Brexit period.

The ONS report attributes the rise to an increase in the price of motor fuels, alcoholic beverages and accommodation services, however, the rises were offset by a fall in social housing rent.

Rhydian Lewis, CEO and co-founder at peer-to-peer lending platform RateSetter, has found opportunity in the rising prices.

“With interest rates for bank and building society deposits standing at record lows, savers’ returns are being eaten up by inflation, which now stands at 0.6%.

“People with money in popular savings accounts are actually losing money in real terms – making life even harder for those saving for things like a house deposit, and particularly difficult for retirees who depend on their savings.

“It’s not surprising that a growing number of people are searching for a better return on their money, and those who are prepared to accept some risk are considering investments such as peer-to-peer lending: we’ve seen 100,000 new visits to our website in the last month alone.”

Calum Bennie, savings expert at financial services group Scottish Friendly, also saw the inflation rise as an opportunity for alternatives to saving.

“We can expect a clearer view of the effects of Brexit on the economy over the next few months.

“In the meantime, with interest rates remaining low, stocks and shares Isas provide an attractive alternative to cash savings, although risk is attached.”