UK inflation could return to double figures as cost of living squeeze continues – business live

From 31m ago 07. 01 BST UK inflation jumps back to 10. 1% Newsflash: Inflation in the UK has risen to 10.

1% as the cost of living crisis continued to hit households. That matches July’s 40-year high. Updated at 07.

22 BST Key events 10m ago Inflation: the key charts 18m ago Food inflation hits 42-year high 31m ago UK inflation jumps back to 10. 1% 42m ago One in 7 Britons skipping meals in cost of living crisis, says TUC 47m ago Introduction: UK inflation expected to remain painfully high Filters BETA Key events ( 5 ) UK ( 3 ) 6m ago 07. 25 BST Here’s ONS director of economic statistics Darren Morgan explaining the rise in inflation: .

css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “After last month’s small fall, headline inflation returned to its high seen earlier in the summer. The rise was driven by further increases across food, which saw its largest annual rise in over 40 years, while hotel prices also increased after falling this time last year.

“These rises were partially offset by continuing falls in the costs of petrol, with airline prices falling by more than usual for this time of year and second-hand car prices also rising less steeply than the large increases seen last year. 10m ago 07. 22 BST Inflation: the key charts This chart shows how consumer price inflation has surged dramatically over the last 18 months – from just 0.

7% in March 2021. UK inflation rates Photograph: ONS Electricity, gas and other fuels, food and non-alcoholic beverages, and transport, have been the biggest factors pushing up inflation: UK inflation Photograph: ONS 18m ago 07. 13 BST Food inflation hits 42-year high Food and drink price inflation has hit its highest level since April 1980.

Food and non-alcoholic beverage prices rose by 14. 6% over the last year, up from 13. 1% in August.

Food inflation has now risen for the last 14 months, up from negative 0. 6% in July 2021. UK food inflation Photograph: ONS The largest upward effects came from bread and cereals, meat products, and milk, cheese and eggs in September.

26m ago 07. 05 BST NEW: Rate of inflation back up to 10. 1% in September on target Consumer Prices Index measure… 5 times target.

Normally used as basis for uprating rises in pensions under triple lock, and benefits and tax credits, for April, but that is unclear right now. pic. twitter.

com/nESDdkHAgI — Faisal Islam (@faisalislam) October 19, 2022 26m ago 07. 05 BST Inflation was driven up by the surge in gas and electricity bills over the last year, and the jump in food and drink costs. The ONS says: .

css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} The largest contribution to the annual rate in September 2022 is from housing and household services. The second largest contribution came from food and non-alcoholic beverages, which has overtaken that from transport.

31m ago 07. 01 BST UK inflation jumps back to 10. 1% Newsflash: Inflation in the UK has risen to 10.

1% as the cost of living crisis continued to hit households. That matches July’s 40-year high. Updated at 07.

22 BST 37m ago 06. 54 BST Here’s Paul Kelso of Sky News on the implications of today’s inflation report: At 0700 latest inflation figure from @ONS . September CPI forecast to nudge up from 9.

9%, anything above 10. 1% is a 40-year high. And whatever it is it matters because September CPI is the figure on which future benefit & pension payments are based, both now in doubt @SkyNews — Paul Kelso (@pkelso) October 19, 2022 Updated at 06.

55 BST 42m ago 06. 49 BST One in 7 Britons skipping meals in cost of living crisis, says TUC Rowena Mason One in seven people in the UK are skipping meals or going without food, according to new polling data released by the Trades Union Congress (TUC). The data from an MRP poll by Opinium reveals that more than half of British people are cutting back on heating, hot water and electricity in the cost of living squeeze, and one in 12 have missed the payment of a household bill.

The polling found that one in seven people are skipping meals but that rises to one in five people in nearly 50 constituencies across the country. It reveals that Birmingham Ladywood is the constituency with the highest number of people going without food, at 29%, followed by Dundee West at 27%, Glasgow at 24% and Rhondda at 24%. Here’s the full story : One in 7 Britons skipping meals in cost of living crisis, says TUC Read more 47m ago 06.

45 BST Introduction: UK inflation expected to remain painfully high Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The scale of Britain’s cost of living crisis will be exposed again today when September’s inflation report is released, at 7am. Economists predict that consumer prices rose by a painful 10% over the last year.

That would push inflation back into double-digit levels, having dipped slightly to 9. 9% in August. Soaring food prices and the energy crisis have been squeezing household budgets all year, with inflation running sharply ahead of wage growth.

Back in July, inflation hit 10. 1% for the first time in 40 years . Michael Hewson of CMC Markets explains: .

css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} UK inflation got a bit of a respite in August falling back to 9. 9% from 10.

1% in July, with the fall in petrol prices helping to pull the headline number back below double figures. While welcome news on a headline level, food prices are still acting as a tailwind rising by 13. 1% and up from 12.

7% in July, with the price of staples like milk, eggs, and butter all up by over 20%. These increases are expected to filter into September with a move back above 10%. Uk inflation to August 2022 September inflation figure has implications for pensioners and those on benefits, as it’s used in the Work and Pensions Secretary’s annual benefits uprating review.

If the government decides to uprate benefits by inflation, this is the percentage they will be increased by, and will come into effect from next April. But yesterday, Liz Truss’s official spokesperson refused four times to commit to keeping the state pension triple lock, under which pensions would rise by the highest of average earnings, CPI inflation based on September’s rate, or 2. 5%.

Liz Truss may abandon pension triple lock and says ‘difficult decisions’ ahead Read more Today’s inflation rate will also be a big factor in how sharply the Bank of England raises interest rates next month. The money markets currently suggest the Bank is likely to lift base rate by a full percentage point, from 2. 25% to 3.

25%. Last night, the Bank confirmed it will push ahead with selling £80bn of UK government bonds from the start of next month, a day later than planned, despite fears over choppy conditions in financial markets after the mini-budget. Bank to start selling £80bn of UK government bonds from next month Read more The agenda 7am BST: UK consumer inflation report for September 7am BST: UK producer price index of factory inflation for September 9.

30am BST: UK house price index for August 10am BST: Eurozone inflation report for September Noon BST: US weekly mortgage applications 3pm BST: Treasury Committee questions Bank of England deputy governor Sir Jon Cunliffe Topics Business Business live Inflation Economics Stock markets UK cost of living crisis Reuse this content.