In the latest update from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) measure of inflation unexpectedly remained unchanged from the previous month at 6.7%.
Although this rate is notably lower than the 11.1% recorded in the period up to October 2022, marking a 41-year high, it remains conspicuously elevated.
The persistent elevation of inflation can be attributed to a combination of adverse economic factors and global political troubles. Economists and policymakers are closely monitoring the situation to understand the factors behind the latest figures and what it may mean for the nation's economic prospects.
The ONS reported:
The Consumer Prices Index (CPI) rose by 6.7% in the 12 months to September 2023, the same rate as in August.
The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.3% in the 12 months to September 2023, the same rate as in August.
On a monthly basis, CPIH rose by 0.5% in September 2023, compared with a rise of 0.4% in September 2022.
On a monthly basis, CPI rose by 0.5% in September 2023, the same rate as in September 2022.
The largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food and non-alcoholic beverages, where prices fell on the month for the first time since September 2021, and furniture and household goods, where prices rose by less than a year ago.
Rising prices for motor fuel made the largest upward contribution to the change in the annual rates.