Huge key date to look out for
The latest inflation figures will be released by The Office for National Statistics (ONS) on September 20.
There are warnings that inflation could be higher than 20 per cent next year if gas prices keep soaring.
The September release will look at how prices changed for the year to July 2022 compared to prices for the year to July 2021.
Inflation hit double figures in July and has now reached a new 40-year high of 10.1%
Inflation is a measure of how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time.
It is a so-called backward looking measure, which means it indicates what has happened over the past year – it does not predict the future.
The rate of inflation is published each month by the Office for National Statistics (ONS), and this measures how much prices have changed on average over the past year.
