Inflation has climbed back up to 10.1% with the price of food and energy being blamed for the latest rise.
The consumer prices index (CPI) measure of inflation is used to explain how much the prices have increased over time.
Inflation is currently at a 40-year high - and is five times higher than the Bank of England target of 2%.
It highlights how the cost of living crisis is squeezing household finances and is the reason why the Bank has been hiking interest rates.
But how does rising inflation affect your money - and will inflation keep going up? We explain.
Why is inflation rising?
Inflation figures are released each month by the Office for National Statistics (ONS), showing how prices have changed over 12 months.
The ONS said rising food and energy prices were the biggest causes of inflation hitting 10.1% in the 12 months to September.
Food and non-alcoholic beverage prices rose by 14.5% in the 12 months to September 2022.
At the same time, energy bills have been rocketing, with households paying around double what they were last winter.
The Government has confirmed its Energy Price Guarantee scheme will be scaled back from April next year - meaning prices look likely to rise again.
At the moment, energy bills for the typical household have been 'frozen' at £2,500 a year - although this isn't an absolute cap on your bill.
Analysts now say the energy price cap could hit between £4,347 and £5,000 in April.
In particular, the Bank of England has said the Russian invasion of Ukraine earlier this year has caused prices to rise.
What is rising in price the most?
Here’s a breakdown of the factors that drove UK inflation up to 10.1%:
Food and non-alcoholic beverages: 14.5%
Alcoholic beverages and tobacco: 5.5%
Clothing and footwear: 8.5%
Housing, water, electricity, gas and other fuels: 20.2%
Furniture, household equipment and maintenance: 10.7%
Health: 3.5%
Transport: 10.6%
Communication: 2.4%
Recreation and culture: 5.2%
Education: 4.3%
Restaurants and hotels: 9.7%
Miscellaneous goods and services: 5%
ONS director of economic statistics Darren Morgan said: "The rise was driven by further increases across food, which saw its largest annual rise in over 40 years, while hotel prices also increased after falling this time last year.
"These rises were partially offset by continuing falls in the costs of petrol, with airline prices falling by more than usual for this time of year, and second-hand car prices also rising less steeply than the large increases seen last year.
"While still at a historically high rate, the costs facing businesses are beginning to rise more slowly, with crude oil prices actually falling in September."
Will inflation keep rising?
The Bank of England expects the rate of inflation to peak at 11% this year.
It could then remain above 10% for a few months before starting to come down.
But the Bank admits: "Even though the rate of inflation will slow down, the prices of some things may stay at a high level compared with the past."
The Bank said previously that it could take two years before inflation returns to its target level of 2% a year.
What does rising inflation mean for me?
When inflation rises, it means you’re not getting as much for your money as you used to.
For example, if something cost £1 a year ago and the rate of inflation is 10%, it would now cost £1.10 today.
If inflation keeps rising, it is likely the Bank of England will keep putting up interest rates.
Its base rate is currently at 2.25% - this is up from 0.1% last year.
Rising interest rates have a knock-on effect on millions of mortgage deals.
If you have a tracker mortgage then your rate will go up when the base rate rises, as these deals move in line with the Bank of England.
If you're on a standard variable rate (SVR) mortgage, then you'll likely see your rates go up as well - but this is down to your lender.
If you have a fixed-rate mortgage, your rates won't change while you're still in your current deal.
Credit cards are not typically linked to the base rate - but they have been going up over time regardless as borrowing becomes more expensive.
If you need to take out a new credit card or loan, you may find new deals aren't as competitive as they were a year ago.
What about benefits and the state pension?
The September level of CPI inflation is normally used to decide how much the state pension and benefits will rise by the following April.
There is a triple lock promise, which guarantees the state pension rises by the highest of average earnings, CPI inflation and 2.5%.
But this was downgraded to a double lock to avoid a record 8% increase after the pandemic pushed earnings growth higher as workers returned from furlough.
Over the last few days, the Government has repeatedly refused to say whether it will definitely bring back the triple lock for next April.
If the triple lock guarantee is kept in place, this means the full state pension will rise from £185.15 to £203.85 per week next year.
The basic state pension would increase from £141.85 per week to £156.20 per week under the triple lock.
Raising benefits by earnings instead of inflation would take the standard allowance - the “base rate” of Universal Credit - from £525.72 to £554.63 a month for a couple over 25.
This figure is £24.18 a month (£290 a year) less than it would be if it rose by inflation.
