Inflation rockets to 5.6%

Inflation is rocketing. Under the Retail Prices Index (RPI), inflation was up to 5.6% in September from 5.2% the previous month. It is now at it highest level since June 1991.

However, it was at a record level of 5.2%, under the Consumer Prices Index (CPI). This rate was matched in 2008 but has not been higher since records began in 1997.

The September CPI figure is used to update benefits and pensions from April next year.