In all the recent economic chaos, it’s been easy to overlook one of the most important factors contributing to the cost-of-living crisis: inflation. But this morning’s update from the Office for National Statistics brings it back into focus, as CPI inflation rose back into double digits in September: now at 10.1 per cent on the year, compared to 9.9 per cent in August.
Another uplift was expected, but inflation has still risen higher than the broad consensus of 10 per cent. A weak pound hasn’t helped: sterling’s plunge against the dollar over the past few months has increased the costs of importing goods, especially food, which according to the ONS made the ‘largest upward contribution’ to headline inflation figures last month.
It’s a reminder that energy costs – while a huge part of this story – are not the only factor contributing to higher prices.
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