‘As we have seen across other G7 countries, inflation rarely falls in a straight line,’ said Chancellor Jeremy Hunt this morning in response to UK inflation data for September. We’ve seen this in the UK, too: at the start of the year, the rate of inflation rose from 10.1 per cent on the year in January to 10.4 per cent in February – before finally falling out of the double digits in April. And this morning we’ve seen another break in the line: the rate of inflation stuck at 6.7 per cent on the year in September, the same rate as August.
Food and non-alcoholic beverages were the ‘largest downward contributors’ to this month’s figures. Having reached a high of over 19 per cent this spring, food price increases have slowed dramatically, falling to 12.2 per cent on the year in September, down again from 13.6
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