CBI responds to September inflation data

Martin Sartorious, Principal Economist at the CBI, said:

“Inflation returned to its recent 40-year high and is expected to grow further in October as energy bills rise in line with the government’s Energy Price Guarantee.

“While the Chancellor’s statement on Monday seems to have restored some fiscal stability, adjustments to the Energy Price Guarantee suggest inflation may yet remain higher for longer.

“The prospect of household energy bills rising sharply again in April 2023 emphasises the need for government to set out the details of any future targeted support sooner rather than later, in addition to how the country will establish its longer-term energy security.”