Richard Pike, chief sales and marketing officer at Phoebus Software:

“The rise in inflation announced this morning, albeit small, reflects the continuing rise in energy prices and basics in the supermarket.

“Given that the war in Ukraine continues to rumble on, we are to an extent being held to ransom and rising prices are as such inevitable.

“The next meeting of the MPC on the 3rd November will no doubt end in another increase in interest rates. The question is how high can the Bank of England go? Mortgage rates are at the highest many have ever seen, which has to affect the first-time buyer market more than any other.

“Historically, benefit levels have been driven using the figures in September, it will be interesting to see if this policy is used when benefits are set for next April.

“Given the recent fiscal U-turns, the current level of borrowing and the ‘return to austerity’, it is questionable that benefits will be tied rigidly to the current rate of inflation.

“It is most definitely a fine line that the new chancellor will be walking in the coming months.”