United Kingdom Inflation at It’s Peaks Since 2012

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.

Food and housing costs drove inflation up

The consumer prices index jumped by 3.0% in September, up from August’s 2.9%. That’s the highest reading since early 2012.

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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