Verified facts
UK consumer price inflation accelerated to 3.5% in September, up from 3.1% in August, according to the Office for National Statistics.
The annual CPI rate measures the change in the price of a representative basket over a year. It does not mean every household's costs rose by the same amount, or that prices increased by 3.5% in September alone.
The broader CPIH measure, which includes owner-occupiers' housing costs, rose by 3.6% over the year. The ONS identified transport, particularly motor fuels, as the largest upward influence on the change in the annual rates. Restaurants and hotels provided the largest offsetting downward influence.
Apolifina analysis
For savers, the relevant comparison is the return after tax against inflation over a comparable period. A quoted savings rate above today's inflation figure is not a promise of a positive real return over the coming year.
For investors in bonds and interest-sensitive shares, the release is one input into the outlook for rates. It is not a Bank of England decision. Company margins also depend on whether businesses can pass higher costs to customers.
Uncertainty and risk
Inflation is a national average, not a personal spending index. Past annual inflation does not establish future inflation, market prices or interest rates. Investments can fall in value; this is general reporting, not a personal recommendation.
Primary sources
Sources released and rechecked on 21 October 2026.
Continue reading: August inflation coverage; latest UK labour-market release