INFLATION has decreased to 3.1% in September this year from 3.2% the month before, according to figures from the Office for National Statistics.
The inflation rate, announced today, October 20, is usually used to work out how much the state pension will rise by also.
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The DWP is yet to confirm but State pension payments will always rise by a minimum of 2.5% under the triple lock.
That’s despite the fact that inflation has gone down since last month.
Overall it has risen by 2.9% in the 12 months to September.
But the figure is 0.1% lower in September this year compared to the same period last year as in September 2021, the consumer prices index increased by 0.3% compared with a rise of 0.4% in September 2020.
The figure is also down from the 3% it rose in the 12 months to August previously recorded, by 0.1%.
The largest contribution to this came from the transport sector (0.91%), meanwhile housing and household services contributed 0.69%, restaurants and hotels, 0.34%, and recreation and culture, 0.31%.
Mike Hardie, head of prices at the ONS, said: “Annual inflation fell back a little in September due to the unwinding effect of last year’s ‘Eat Out to Help Out,’ which was a factor in pushing up the rate in August.
“However, this was partially offset by most other categories, including price rises for furniture and household goods and food prices falling more slowly than this time last year.
“The costs of goods produced by factories rose again, with metals and machinery showing a notable price rise. Road freight costs for UK businesses also continued to rise across the summer.”
This post first appeared on thesun.co.uk
