CPI inflation doubled in December to 0.6% from 0.3% the previous month.

Smith & Williamson Investment Management’s Managed Portfolio Service has added BlackRock’s Gold and General fund in anticipation of resurgent inflation over the next few years.

CPI inflation showed a sharp drop last month from 0.7% in October to 0.3% in November as Black Friday price cuts and shop sales nudged prices down.

Chancellor Rishi Sunak is to scrap the RPI measure of inflation used to calculate millions of pension holders’ annual pension increases despite strong opposition.