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United Kingdom Inflation at It’s Peaks

Rising food prices helped to drive UK inflation to a five-year high of 3.0% in September.

That means that UK firms face a 3.9% rise in their business rates next year, under the current system. It could also drive up costs for motorists.

The consumer prices index jumped by 3.0% in September, up from August’s 2.9%. That’s the highest reading since early 2017.

This means that British workers are still suffering a pay squeeze, as average wages only rose by 2.1% per year in the three months to July.

But it’s better news for pensioners, who can look forward to a 3% increase in the basic state pension next April. Under the triple-lock system, pensions rise in line with earnings growth, September’s CPI reading, or by 2.5%, whichever number is biggest.

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