Home Business News Inflation holds firm

Inflation holds firm

by LLB Finance Reporter
18th Oct 23 11:26 am

Inflation remained at 6.7% in September and easing food and drink prices were offset by higher fuel costs for motorists.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation stayed the same as seen in August.

Separate figures showed on Tuesday that wages outpaced inflation for the first time since 2021.

However, non-alcoholic drinks are more expensive that last year and statisticians at the ONS said this is now falling month on month.

Kitchen cupboard essentials last month remained at 12.1% higher than the same month last year, but inflation fell compares to 13.6% in August.

ONS figures said fuel prices are still almost 10% lower than this time last year and then jumped 3.6% against levels seen in August as tensions in the Middle East has restricted supplies and caused oil prices to increase.

ONS chief economist Grant Fitzner said: “After last month’s fall, annual inflation was unchanged in September.

“Food and non-alcoholic drinks prices eased again across a range of items, with the cost of household appliances and air fares also falling this month.

“These were offset by rising prices for motor fuels and the cost of hotel stays.”

Chancellor Jeremy Hunt said: “As we have seen across other G7 countries, inflation rarely falls in a straight line, but if we stick to our plan then we still expect it to keep falling this year.

“Today’s news just shows this is even more important so we can ease the pressure on families and businesses.”

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