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16/10/2012
Inflation Rate At Three Year Low
Inflation fell to its lowest level for three years as the pace of price rises in the UK slowed in September, according to new figures by the Office for National Statistics (ONS).
The ONS said the consumer price inflation eased to 2.2% in September, the lowest since November 2009. That compares with a rate of 2.5% in August and is in-line with economist forecasts. Retail price inflation, which includes some housing and tax costs, dropped from 2.9% to 2.6%.
Consumer Price Index level in September is usually used to work out the rise in a range of benefits from Jobseeker's Allowance to income support in April next year.
But the basic state pension will rise by a minimum of 2.5%.
This is the result of a government guarantee and would see the state pension increase by at least £2.69 a week.
The final level at which other benefits will rise in April will be decided by Chancellor George Osborne. However, he is guided primarily by the September CPI inflation rate.
The CPI level was more than half the rate seen in September 2011, when it stood at 5.2%.
This meant that a variety of benefits, such as disability and maternity benefits, rose by 5.2% in April this year. So, the uprating of these benefits is likely to be much lower this April.
The chancellor has already said that he is likely to look again at the rise in Jobseeker's Allowance, as he was keen to see those in work seeing greater reward than those out of work.
(H)
The ONS said the consumer price inflation eased to 2.2% in September, the lowest since November 2009. That compares with a rate of 2.5% in August and is in-line with economist forecasts. Retail price inflation, which includes some housing and tax costs, dropped from 2.9% to 2.6%.
Consumer Price Index level in September is usually used to work out the rise in a range of benefits from Jobseeker's Allowance to income support in April next year.
But the basic state pension will rise by a minimum of 2.5%.
This is the result of a government guarantee and would see the state pension increase by at least £2.69 a week.
The final level at which other benefits will rise in April will be decided by Chancellor George Osborne. However, he is guided primarily by the September CPI inflation rate.
The CPI level was more than half the rate seen in September 2011, when it stood at 5.2%.
This meant that a variety of benefits, such as disability and maternity benefits, rose by 5.2% in April this year. So, the uprating of these benefits is likely to be much lower this April.
The chancellor has already said that he is likely to look again at the rise in Jobseeker's Allowance, as he was keen to see those in work seeing greater reward than those out of work.
(H)
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