Inflation in The UK Held at 2.7%

Inflation in the UK held at 2.7 per cent for the third consecutive month in December, in line with forecasts, as a result of a rise in gas and electricity bills.

Indeed, figures compiled by the Office for National Statistics found that utility prices rose by as much as 3.9 per cent on the year, while fuel costs dropped slightly by 0.2 per cent.

Consumers are under more pressure than ever to try and reduce the amount of energy they are using in the household as E.ON becomes the last of the big six providers in the UK to up its fuel bill prices as of Friday (January 18th).

Energy efficient bathroom light fittings and ceiling spotlights are one way to combat this issue.

LED lighting uses much less energy, which means that people can start to save money on their energy bills in the long run.

This would surely come as some relief to people after the Christmas period in which many will have spent more than they had previously imagined.

It would especially help given recent figures from uSwitch that suggest price hikes mean that people are spending upwards of £7 extra a week on fuel bills.

These price rises could go even further in the coming weeks and months as Britain's largest supplier - British Gas - has previously warned that the cost of upgrading the national grid in line with government policies could see bills rise again by a further £60 at some point.

Economist at Investec Victoria Clarke commented on the figures from the Office for National Statstics: "Inflation will rise above three per cent over the coming months, which we expect to reduce the Monetary Policy Committee's appetite for further easing. They will inevitably look through that short-term blip and focus on the medium term, but it makes it uncomfortable."