ENDED · BBC · 22 updates
Final inflation figures before the Budget set to be released
Inflation and government borrowing hit highest level for a year ahead of next week's Budget - follow live
Live updates, newest first
Increasing fuel prices push UK inflation rate to 3.5% ahead of Budget
The UK inflation rate was 3.5% in the year to September, driven by soaring petrol and diesel prices. This latest 3.5% figure was slightly higher than economists expected, and marks the third successive increase in inflation rate. Office for National Statistics (ONS) chief economist Grant Fitzner sa…
dpa-international.com
1 more NewsBreak article
UK inflation and borrowing climb before Healey's first budget
centraloregondaily.com
UK spent £24.5bn more than it made last month
theguardian.com
Plenty of savings accounts beat inflation
Even though the inflation rate is on the rise, the majority of savings accounts available on the market are still offering an inflation-beating return. Just over one in four savings accounts lag behind inflation, according to financial information service Moneyfacts, while more than 1,600 deals off…
'Every time I go shopping there's an increase'
Julie, 66, says she is scared of how high her energy bills could be over winter amid soaring prices and the rising cost of her weekly shop. "Every time I go shopping there seems to be an increase," she tells me. "The price of petrol is certainly making things difficult, can't go out as often," says…
April's state pension rise highly likely to be 3.9%
The rise in the state pension in April is still based on the triple lock, despite the prime minister's announcement that the he wants to adjust the system in future. We now have the data for all three elements of the triple lock - inflation, wages and 2.5%. The increase in average wages has proved…
the-independent.com
What has gone up in price more?
Do you know what has gone up more in price? Take our quiz below.
What does today's news mean for interest rates?
Analysts say the latest inflation figures increase the chances of an interest rate rise by policymakers at the Bank of England when they next meet. Remember, the Bank rate - the benchmark for borrowing costs faced by individuals and businesses - stands at 3.75%. Members of the Bank's Monetary Polic…
the-independent.com
Healey likely to have little spare cash ahead of next week's Budget
Inflation is not just a challenge for households, but the chancellor too - and he got a sharp reminder of that as he prepares next week’s Budget. Other figures released today show that the government spent £24.5bn more than it took in last month. Higher inflation has meant that the Treasury receivi…
the-independent.com
1 more NewsBreak article
Labour have 'lost control' of economy, says shadow chancellor
Conservative shadow chancellor Andrew Griffith says Labour have "lost control of the economy". His comments come following the latest inflation figure, which shows that prices in the UK rose 3.5% in the 12 months to September, slightly higher than economists' expectations. In a statement, Griffith…
Inflation figure influences benefit payments from April
The rate of inflation in September is used as the benchmark for the rise in benefits the following April. So, anyone on various benefits may now expect a rise of 3.5% in what they receive from next spring, as the cost of living continues to squeeze family finances. Attendance allowance, carer’s all…
What could today’s figures mean for me?
The inflation rate is the amount by which things are getting more expensive - when it is high, it means the cost of living is high and food, travel, household bills and clothes are more expensive. The inflation rate can also affect interest rates, as the Bank of England uses interest rates as a too…
Government borrowing also reflects the impact of inflation
Borrowing figures have also been published - in a busy morning for economic data fans - showing that the government borrowed more than expected again in September. The ONS figures show that government spending, including higher debt interest costs, increased more than government income, partly refl…
the-independent.com
Transport costs a key driver in rising prices
Statisticians at the Office for National Statistics (ONS) pointed to transport costs as the key - but not only - factor in the increasing rate of rising prices. Diesel prices rose by 10.7p per litre in September, compared with a fall of 0.4p per litre in September last year. Rising costs of airfare…
theguardian.com
2 more NewsBreak articles
Conflicts leading to price rises, says Healey
Chancellor John Healey says that price rises caused by conflicts in the Middle East and Europe are hitting Britain and other countries across the world. Responding to the rise in the inflation rate this morning he says: "Today we’ve given the green light to getting North Sea gas from the Jackdaw fi…
Increased fuel prices are the main driver of increased rate, says ONS
ONS chief economist Grant Fitzner says that inflation "climbed notably" in September to its highest annual rate in almost a year. He says that increased fuel prices were the main driver with the cost of diesel at its highest since July 2022. "Other upward pressures included airfares and, to a lesse…
theguardian.com
1 more NewsBreak article
An important figure that's slightly higher than expected
The inflation rate of 3.5% for September was slightly higher than analysts' expectations. It will be of no surprise to drivers that motor fuel was a key influence on the faster rate of price rises. This figure is influential, as it is the one used to guide the annual increase in a whole host of wor…
reuters.com
Inflation rate rises to 3.5%
The rate of inflation rose to 3.5% in the year to September, according to the latest figures just released by the Office for National Statistics (ONS). This follows the 3.1% figure announced for the year to August, and marks the third successive increase. We'll bring you more in our next post.
reuters.com
1 more NewsBreak article
The recent cost of living spike has been driven by fuel prices
You only have to fill up your car or van at the petrol station to experience first hand that monthly budgets are being hit hard. The average price for a litre of unleaded in the UK is currently about £1.74 while diesel is more expensive at £1.99, marginally down on the all-time high of £2 it reache…
Today's inflation release comes just ahead of the Budget
Today's inflation figure for September comes just one week before Andy Burnham's first Budget as PM, which will be delivered by Chancellor John Healey on 28 October. This week, Healey dismissed calls from some Labour MPs to increase Capital Gains Tax when he makes his speech to the Commons next wee…
the-independent.com
What was the inflation rate in August?
Last month's inflation rate for the year to August was 3.1%, according to the last set of Office for National Statistics figures. Increasing petrol prices, diesel prices and airfares contributed to price growth. It meant that inflation moved further away from the Bank of England's 2% target after i…
What is inflation and why has it been rising?
Inflation is the increase in the price of something over time. For example, if a bottle of milk costs £1 but is £1.10 a year later, then annual milk inflation is 10%. If it had risen to £1.05 instead, then the inflation rate would be lower, at 5%. That would still have been an increase, but a small…
Final inflation figures before Burnham's Budget set to be released
The latest set of inflation figures are set to be released at 07:00 BST. Economists predict the rate could rise today, mostly due to the rise in global fuel prices. In the year to August, inflation hit 3.1%. Those numbers, released last month, were an increase on the 2.9% in the year to July. The n…
