It is still cold outside - and some families may also be feeling a chill on their finances.

The Office for National Statistics (ONS) has reported that inflation jumped to a two and-a-half year high in December 2016.

The Consumer Price Index (CPI) measure of inflation hit 1.6 per cent, marking the highest level since July 2014.

The increase was put down in part to rising air fares and food prices.

Meanwhile, a separate report has found households' perceptions about price pressures in January reached their highest levels in three years.

The Markit Household Finance Index found that as a result of households feeling the pinch, their appetite for making major purchases was close to being the lowest since the start of 2015.

Commentators have predicted the rise in living costs could get steeper this year, as shoppers feel the effects of falls in the pound and stores pass on their own rising costs to consumers, in the form of higher prices at the tills.

Rising living costs have prompted concerns that some families may be tipped over the edge.

Joanna Elson, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: "For households who are already in a precarious financial position, the risk is that this new squeeze could tip many into problem debt.

"Rising costs in food, fuel and clothing in particular will add to existing pressures more generally, and we can expect to see a higher level of arrears on everyday household bills, in particular."

Savers may also find that their quest to find an account to even keep up with inflation gets tougher.

The eroding effect of inflation gnawing away at savings means savers' cash is in danger of dwindling in value in real terms if it's left sitting in accounts with interest rates that lag behind inflation.

Analysis of the savings market by financial website Moneyfacts has found that only around one in every 15 deals currently available match or beat inflation.

The number of rates being chopped across the savings markets has been outweighing the number of rises for the last 15 months.

So what can savers do?

One option might be to keep an eye on the rates on offer from challenger banks. According to Moneyfacts some of these banks - such as RCI Bank, Post Office Money, Ikano Bank and Sainsbury's Bank have been making improvements to their rates recently.

In the low interest rate environment, any upward tweak in savings rates is likely to be small, although it could still make the difference between the real value of your savings pot growing, or shrinking.

Some current accounts may also offer better rates than savings deals, and some also offer cash to switch.

Rachel Springall, a finance expert at Moneyfacts, said: "Savers would be wise to consider dividing their investments across regular savers, current accounts, fixed rates and instant access for the best possible chance of decent interest rates, while maintaining some flexibility."

This spring may also offer some hope to savers, however, with a new market-leading three-year bond set to be launched by NS&I, as well as the launch of the new Lifetime ISA to help those saving for their first home or their retirement.

Meanwhile, research from price comparison website Confused also shows how car insurance costs have accelerated in recent years.

Car insurance prices have risen to £767 on average, compared with £499 in spring 2008, according to the website.

Amanda Stretton, motoring editor at Confused, said: "Car insurance prices have gone up dramatically over the past 10 years, adding to the rising cost of motoring and living."

Separately, there has been better news for those planning to retire this year. On average, those set to retire in 2017 anticipate having an annual income of £18,100, a survey from Prudential has found.

Each year, Prudential asks people planning to retire in the coming 12 months about their expected incomes, including money from state or private pensions, savings and investments.

The figure for this year is the highest since people planning to retire in 2008 typically expected to have an annual income of £18,700.

This year's retirees expect to be around £400 a year better off than people who retired in 2016, whose average expected annual retirement income was £17,700.

Pension freedoms launched in 2015 have given the over-55s more control over how they use their pension pot, with the Pension Wise service giving guidance about the various options available.