New figures from the Office for National Statistics (ONS) show that Consumer Prices Index (CPI) inflation reached 10.1% in September. This matches the 40-year high inflation hit in July and remains well above the UK Government’s target of 2%.
The September reading is important for the Treasury as the figure is commonly used as the benchmark to raise benefits and State Pension for the following April. However, Chancellor Jeremy Hunt would not commit to the uprating when asked earlier this week and a promise from Liz Truss to “protect” the Triple Lock rule - before she resigned as Prime Minister - may not be valid when the Budget is delivered on October 31 and a new leader of the Conservative Party is in office.
If the UK Government uprates State Pensions by 10.1% next April, this would see New State Pension payments go up from £185.15 per week to £203.85 and Basic State Pension weekly payments rise from £141.85 per week to £156.20.
