THE UK’s rate of inflation was 1.7% in September, new figures have shown.
The Office for National Statistics (ONS) said the Consumer Price Index (CPI) measured 1.7% in the 12 months to September.
The Consumer Price Index was released today[/caption]
It comes after inflation rose by 2.2% in the 12 months to August, unchanged from July.
Inflation is a measure of how much the prices of everyday goods such as food and clothes, and services such as train tickets and haircuts, have increased compared to a year earlier.
It’s important to note that when inflation drops it doesn’t mean that prices have stopped rising, it just means they are doing so at a slower pace.
The Bank of England has a target of keeping inflation at 2%.
Today’s figures further suggest that the state pension is now expected to rise from £11,502.40 to £11,975 per year – a £473 boost.
That’s because of the triple lock system, which sees the state pension rise in line with whatever is highest out of: wages for May to July, 2.5% or September’s inflation figures.
Revised statistics being released on Tuesday revealed that growth in employees’ average total pay was 4.1% in the three months to July – not 4%.
Today’s inflation figures do not outpace this.
