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Why September’s dip in UK inflation may be a false dawn
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Just when everyone was preparing for a stratospheric rise in September’s consumer prices index from August’s 3.2%, the Office for National Statistics said it fell to 3.1%.
Anyone concerned about rising prices could be forgiven for thinking that the momentum building in recent months had slipped a gear and forecasts of inflation running away to 4% or even 5% next spring could joyfully be put in the bin.
Not so fast. The coronavirus pandemic has wreaked havoc on most official data and the inflation figures are among the worst affected.
Lockdowns that closed most shops and government subsidies that propped up household spending power are among the many distorting effects of Covid-19 affecting prices.
The chancellor’s £850m “eat out to help out”
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