An exact figure has been given after the September inflation rate was confirmed earlier this week
The amount at which DWP benefits including Universal Credit and PIP will rise in the new financial year have been predicted. After yesterday's confirmation of the September inflation rate, benefit payments are expected to jump up by 1.7% in April 2025.
Mr Gous stated: "The latest ONS inflation figures confirm a drop to 1.7% in September, down from 2.2% in August. This marks the first time inflation has fallen below the Bank of England's 2% target since April 2021. Core inflation has also eased, landing at 3.2%, but policymakers will remain cautious as they assess these changes ahead of the critical Budget on 30 October and the Bank of England's meeting on 7 November, where a cut from 5% to 4.75% is widely expected.
"For traders and investors, these inflation numbers offer a degree of optimism, but the wider challenge of stabilising growth and navigating monetary policy remains vital in shaping the UK's financial trajectory going forward."
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