UK inflation hit a 30 year high in December, finishing 2021 at 5.4 percent.

Despite this record high, wealth managers do not think the data is surprising. With costs soaring for food, fuel and energy, as well as the uncertainty that the Omicron variant brought, it would have been surprising if inflation was not high.

This is an increase on the 5.1 percent recorded in November and is higher than the 5.2 percent predicted for December.

Colin Dyer, a client dir...