The ONS revealed that the CPI rose by 6.7% in the 12 months to September, the same rate as was recorded in August. The CPIH, which includes owner occupiers' housing costs, rose by 6.3% during this time.
Core CPI, which excludes energy, food, alcohol and tobacco, rose by 6.1% in the 12 months to September 2023, down from 6.2% in August. According to the ONS, the CPI services annual rate rose from 6.8% to 6.9%, while the CPI goods rate fell slightly from 6.3% to 6.2%.
David Bharier, Head of Research at the British Chambers of Commerce (BCC), said:
‘Our research finds that most SMEs report no increases in sales, exports, or investment. The rise in interest rates has also emerged as a prime concern for almost half of businesses, with increased borrowing costs another barrier to contend with.
“Businesses need clarity on interest rates, as well as a longer-term plan for growth in the economy, focusing on infrastructure, skills, and alleviating trade barriers.’
Meanwhile, the UK economy grew by 0.2% in August, according to the ONS. It said the main contributor to the growth was the services sector.
The 0.2% growth figure followed a fall of 0.6% in July.