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What does the September CPI rate mean for the state pension and lifetime allowance?

This week the CPI annual rate for the year to September was revealed to be 0.5%, while earnings figures, released in July, stood at minus 1%. What is this likely to mean for next year’s state pension and lifetime allowance increases?

This week’s figures from the ONS show that inflation in the year to September was just 0.5%. This figure is important as the increase in prices over the year to that point is conventionally used in calculating the rate at which certain benefits and allowances are increased the following April.

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