UK inflation steady at 40-year high; cost of living help coming as wages rise

UK inflation held at 6.7% in September, still above Bank of England 2% target. Higher oil prices kept inflation up despite hopes for a fall.

Average wage growth rose to 7.8% between June-August, outpacing inflation for the first time in 2 years.

Millions on low incomes to receive next £300 cost of living payment between 31 Oct - 19 Nov. Total support this year up to £1,350.

Energy Price Cap expected to fall further to £1,923 for Q4 2022. Analysts predict small declines in 2023 before uptick in 2024.

Warm Home Discount scheme returns, giving £150 off bills for qualifying low income households between Oct 2023 - March 2024.