New figures released by the Office for National Statistics (ONS) show that Consumer Prices Index (CPI) inflation reached 10.1% in September, compared with 9.9% in August. The figure matches the 40-year high inflation hit in July and remains well above the UK Government’s target of 2%.
The increase was driven by food prices, leaping by 14.5% compared with the same month last year, representing the largest annual rise since 1980, according to data modelling. Meanwhile, housing and utilities costs leapt by 20.2% compared to the same month last year.
Prime Minister Liz Truss told the House of Commons on Wednesday the UK Government is committed to the Triple Lock, meaning State Pension will increase in line with the 10.1% inflation figure from next April, but would not be drawn on the uprating for other benefits. New Chancellor Jeremy Hunt also said on Wednesday he would prioritise help for the vulnerable after the inflation increase was revealed.
