The rate of inflation rose to 10.1% in September as the economy felt the effects
of rising prices and the fallout from the Mini Budget, according to the Office
for National Statistics (ONS).
The ONS said the Consumer Prices Index (CPI) measure rose from an annual rate of
9.9% in August to match the recent 40-year high seen in July.
The report showed that the largest upwards contribution came from food costs,
while fuel provided the greatest downside pressure. It said the pace of food
price rises was at its highest since April 1980 - running at an annual rate of
14.6%.
Commenting on the figures, Martin Sartorious, Principal Economist at the
Confederation of British Industry (CBI), said:
'Inflation returned to its recent 40-year high and is expected to grow
further in October as energy bills rise in line with the government's Energy
Price Guarantee.
'While the Chancellor's statement (on 17 October)seems to have restored some
fiscal stability, adjustments to the Energy Price Guarantee suggest
inflation may yet remain higher for longer.
'The prospect of household energy bills rising sharply again in April 2023
emphasises the need for the government to set out the details of any future
targeted support sooner rather than later, in addition to how the country
will establish its longer-term energy security.'
Internet link: ONS website