UK petrol prices near record; inflation dips; bitcoin hits new high – as it happened

 A petrol station in East London, Saturday, 16 October. Photograph: Akira Suemori/REX/Shutterstock

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UK inflation has dipped, but the respite could be temporary. Consumer prices rose by 3.1% in the year to September, down from a nine-year high of 3.2% in August.

But the drop was due to last summer’s discount meal offer, Eat Out to Help Out, dropping out of the calculations. Economists predict inflation will keep rising, and could be over 4% by early next year.

Transport costs pushed up the cost of living, with petrol and second-hand car prices having risen sharply since pandemic restrictions eased.

Second-hand cars
 Second-hand car prices Photograph: ONS

The inflation data will be used to set UK pensions next year. They should rise by 3.1%, but would have jumped by 8%, in line with wages, if the government hadn’t suspended the triple-lock.

Age UK said it is “imperative” to revert back to the triple-lock to tackle pensioner poverty.

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