Inflation returns to 40-year high

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

Get in touch

Why not drop us a line or fill in our very quick enquiry form

Our Offices

Rochdale
CCM | Carter, Collins & Myer, Chichester House, 2 Chichester Street, Rochdale, Lancashire OL16 2AX

01706 860255

Ashton
CCM Ashton, Shaw House, 1 Shaw St, Ashton-under-Lyne OL6 6QJ

0161 339 5689

Bolton
CCM Green & Co, Hamill House, 112-116 Chorley New Rd, Bolton BL1 4DH

01204 497247

Carlisle
CCM Carlisle Ltd, Solway House Business Centre, Parkhouse Road, Kingstown, Carlisle CA6 4BY

01228 830803


Attribution | Site map | Terms and Conditions | Accessibility | Disclaimer | Help | Search |

© 2022 CCM | Carter, Collins & Myer. All rights reserved. powered by totalSOLUTION

The term ‘Board Director’ is used to refer to a statutory director and principal of Carter Collins & Myer Ltd as registered at Companies House. Any other designations that include the term ‘Partner’ or ‘Director’ are not registered statutory directors or principals and are marketing terms used to describe representatives of the company.

We use cookies on this website, you can find more information about cookies here.