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Inflation in the UK has just hit 10.1%, says the Office for National Statistics. That is five times the Bank of England’s stated target of 2%. FIVE TIMES! Sorry to shout. The joy of the public sector is that you can be this bad at your job and still keep it. Inflation hasn’t been this high in over 40 years.Are you prepared?None of this should be a surpriseWhen you delve below the surface, it gets a lot worse. Retail Price Inflation (the old measure) is 12.3%.Energy prices are rising. We all know that. Food prices too. But the Bank of England base rate is still 1.75%. Carnage or not, it is going to have to go up. That means borrowing costs are going to go up. And house prices are likely to come down.The pain of all this is going to eat into your wealth. On the one hand the value of your most prized asset – your house – is flat or falling. On the other, your costs – from food to energy to monthly mortgage repayments – are all rising. And it’s doubtful your income is keeping up with the increase in costs.A lot o