Between January and August the CPI (which actually understates price increases by design) has risen from 108.7 to 111.4. That's a 2.5% rise, or an annualised rate of 4.3%. RPI annualised since January is 3.5% or 5.1% excluding mortgage interest payments (RPIX).
With the exception of the months leading up to the crash last year, prices measured by the CPI and RPIX have not been rising at this rate since just before we crashed out of the European Exchange Rate Mechanism in 1992. We had interest rates in double figures back then.
And prices are going to climb faster - by December, last year's oil price drops will not affect yearly indices and we will have a 2.17% price increase on many purchases to contend with as well (VAT increase from 15% to 17.5%.)
Meanwhile, the government is still printing money to buy up its own debt, keeping interest rates at effectively zero, even contemplating negative deposit rates.