UK inflation increased to its highest level for around two years, although furniture price inflation slows.
According to the latest figures from the Office for National Statistics (ONS) in its Consumer Prices Index for September 2016, overall inflation jumped by 1% from 0.6% in August - the highest level since November 2014 and the biggest month-on-month hike since June 2014.
ONS stated that there wasn’t any real evidence to suggest that the weaker pound was the cause behind the sharp price increase, as clothes and fuel – particularly oil – prices were the main drivers.
Within the furniture and furnishings sector, overall prices rose by 0.9% in September, but slowed compared to its recorded rise of 1.3% last year.
Stated within the ONS report, it said that furniture and furnishings prices rose this year by less than a year ago overall, with the main ‘downward contribution coming from leather settees’.
The Retail Prices Index (RPI) measure of inflation also rose to 2% in September from 1.8% in August.