In the early 1990s, Andy Fleming, 57, worked in the press office of the Central Statistical Office, now the Office for National Statistics. The last time inflation was this high, he wrote the press release.

He said: “Back then a rate of 5.4pc was welcomed as a good sign, because it meant inflation was coming down from astronomical heights in the previous years.

“These are not just numbers for statisticians, they have a real life impact on people’s lives. Back then families didn’t know how much their weekly grocery shop was going to cost from one week to the next.”

Inflationary pressures are a relatively new concept to the younger generation, with rates only rising sharply in 2008 and 2011. But the cost of living crisis is already shaping their finances. Simran Kullar, a 25-year-old transport planner from London, said rising costs were pushing her to make tougher budgeting decisions. 

“I can see in my grocery shop and in my energy bills that inflation is everywhere. I’m surrounded by it,” she said. “I’m being more careful about how I spend my money, tracking my expenditure and budgeting for the month ahead.”

Ms Kullar, who has been saving up her money in a stocks and shares Lifetime Isa to buy a property, said that she had done so to stop inflation eating away at the value of her savings.

“I do have a bit of cash to keep as an emergency fund, and the rest of my money is invested in the stock market,” she said. “But I won’t be adding any more to my cash reserve, because I don’t want it to start losing even more value.”