The September inflation figure is critical as it is used as the measure for a raft of increases in taxpayer funded costs for the chancellor Rachel Reeves, including the state pension, benefits and also feeds into annual train ticket rises. Business rates are also tracked to inflation, meaning a near 4% rise.

The UK has significantly higher inflation than France at 1.1% and Germany at 2.4%, both around the Bank of England’s target 2%, and well below the EU average of 2.6%. In the US the rate is running at 2.9%.

Last week the International Monetary Fund (IMF) warned that UK inflation would remain the highest in the G7, running well into 2026, creating a headache for the Treasury, businesses and consumers. It also means the Bank of England is likely to be much more cautious when it comes to interest rate decisions at the next meeting on 6 November.