Inflation hits 10.1pc as Truss considers scrapping pensions triple lock

GGood morning,

UK inflation has returned to double digits as the latest data from the ONS shows consumer prices rose 10.1 per cent over the year to September. This is a slight increase from August when it was 9.9 percent and just above forecasts of 10 percent.

On a monthly basis, consumer prices increased by 0.5% in September, the same as in August. Grocery and soft drinks were the biggest drivers of inflation, rising 14.5 percent – up from 13.1 percent in August. This will put further pressure on households at a time when bills and mortgage costs are already soaring.

This is because the government refuses to rule out the abolition of the triple lock, which requires pensions to rise by the highest rate of inflation, average earnings, or 2.5 percent. The September inflation figure is crucial as it will be used to set state pension increases from next April. A policy break could result in pensions falling significantly in real terms for millions of retirees.

5 things to start the day off right

1) Netflix defies inflation crisis as it adds 2 million viewers Paid subscribers using the service increased by 2.4 million after six months of decline

2) Union leaders threaten mass strikes in winter to end wage crisis Rail union boss calls for a ‘riot’ as strikes are announced on Bonfire Night

3) Lists of beneficiaries are to be shared with energy companies that are proposed to assist vulnerable individuals The tiered pricing mechanism was also raised in early discussions between Whitehall and the industry

4) Green energy tax crackdown could give EU a head start on offshore wind energy Maintaining Britain’s leadership in renewable energy is not a given – others are snapping at our heels

5) Britain is facing almighty pressures, worse than they were in 1976 The challenges of the 1970s – loss of international competitiveness, terrible industrial relations and rampant inflation – look relatively tame compared to what we face today.

what happened overnight

Asian stocks were mostly higher on Wednesday, with US corporate earnings supporting sentiment.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan rose 0.2 percent, but further gains were capped by modest declines in Chinese stocks. China’s mainland blue chips shed 0.2 percent, while Hong Kong’s Hang Sang index fell 0.1 percent.

Meanwhile, Japan’s Nikkei rose 0.4 percent, Australia’s resource-intensive stocks rose 0.4 percent and South Korea rallied 0.5 percent.

US S&P 500 futures were up 0.8 percent and Nasdaq futures were up 1.3 percent. Inflation hits 10.1pc as Truss considers scrapping pensions triple lock

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