Inflation on luxury items rose by 2.9 percent over the past year to May 2019, according to the Coutts Luxury Price Index (CLPI).

This is 0.9 percent higher than the average inflation figure (2.0 percent), as measured by the Consumer Price Index (CPI).

The greatest inflation was seen in communication costs, which rose 43.5 percent over the past 12 months.

This was followed by whisky and wine prices, which rose 9.5 percent and school fees which saw a 5.2 percent increase.

Whisky’s rise is due to its recent surge in popularity. The number of bottles of single malt whisky sold at UK auction houses rose...