A Treasury minister has acknowledged that there is "still more work" needed to address inflation, as the figures remain unchanged. Inflation held steady at 6.7 per cent for the year ending in September, showing no variation from the previous rate reported in August. While forecasters had anticipated a slight decline in inflation, it remained at the same level due to increased petrol costs and higher hotel stay prices, according to the Office for National Statistics (ONS).
Inflation has been on the decline since it reached 11.1 per cent at the close of 2022, and the government has pledged to halve inflation by the end of 2023. Speaking on GB News, Treasury minister Andrew Griffith noted that the government had always acknowledged that halving inflation "would be challenging," but he stated that the latest figures were "largely as expected."
Additionally, the data revealed that food and non-alcoholic drink prices dropped by 0.1 per cent between August and September, marking the first decline in two years. The primary factor behind lower food inflation was a decrease in the prices of staples such as milk, cheese, eggs, and soft drinks. Core inflation, which excludes food and energy prices, decreased from 6.2 to 6.1 per cent, according to the figures.