UK inflation has stormed ahead of the Bank of England ´s (BoE) target this year, with the consumer price index currently running at 3.1%.
The reason: last year´s Brexit induced devaluation in the pound.
If you´re sitting down for a Christmas dinner this year in the UK, it could cost 18% more than in 2016.
No wonder UK consumers are feeling under pressure when wage inflation is rising at just 2.3%.
Christmas is going to be a lot more expensive for UK consumers, who have been facing declining real wages.
Good Housekeeping magazine found the cheapest Christmas dinner for eight people would cost £25.53, sourced through budget supermarket Lidl.
This is nearly a fifth more than the same meal would have cost last Christmas.
The annual survey took into account the cost of a whole turkey, sprouts, potatoes, parsnips, carrots, a jar of cranberry sauce, stuffing mix, Christmas pudding and cake, a jar of brandy butter and mince pies.
Behind the headline price rise are sizeable increases in the costs of basic ingredients.
Official UK data shows the price of a 250g block of butter has risen by around 29% since the Brexit referendum.
As well as the higher costs associated with a weaker pound, dairy prices have also been boosted this year by a fall in UK and EU milk production.
Due to low prices for milk in 2014, many UK producers had decided to shut down.
At the same time, UK farmers have also been citing earlier poor weather for a fall in output.
With around a quarter of the UK´s milk supply produced outside the UK, the post-Brexit referendum sterling depreciation has also had a sizeable impact.
Sterling is currently 10% and 14% lower than its pre-Brexit referendum level against the dollar and euro respectively.
Official figures show the price of sugar has risen by around 15% since the referendum.
About a third of the UK´s sugar supply is imported, making the devaluation in sterling over the period a key culprit behind sugar´s rise.
The price of international US dollar sugar futures has actually modestly declined over the same period.