Rishi Sunak insists he is within touching distance of halving inflation as rate remains stubbornly high

RISHI Sunak insists he is within touching distance of halving inflation as the rate remains stubbornly high due to rising fuel prices.

Analysts predicted there would be a slight dip in the rate but it held steady at 6.7 per cent last month.

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The price of milk, cheese and eggs, along with household appliances and airfares, all eased in September.

But this was offset by petrol costs which spiked by 5.1p a litre to 153.6p to the fury of motorists.

The Prime Minister said: “Tackling inflation remains my number one priority. We will stick to our plan and get it done.”

Chancellor Jeremy Hunt added that inflation “rarely falls in a straight line” but “if we stick to our plan then we expect it to keep falling this year”.

But Mr Sunak’s pledge to get the rate down to 5.3 per cent by the end of the year could fall apart if volatility in the Middle East affects the wholesale price of energy, experts warn.

Grant Fitzner, chief economist at the Office for National Statistics, said the conflict may have “impacts on supply”.

The Bank of England held rates last month at 5.25 per cent but analysts said it was unlikely chiefs will raise them again next month.

The government last night refused to confirm how much the state pension would go up under the triple lock mechanism.

It rises each April by the highest of inflation, wages or 2.5 per cent.

But Ministers may opt to strip bonuses out of the wage growth figure — taking it from 8.5 to 7.8 per cent and saving around £900million.

This post first appeared on thesun.co.uk