nflation has held steady at 6.7 per cent, but this month’s figure forms the final part in the triple lock puzzle and puts pensioners on course for an 8.5 per cent increase in state pension next year.

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The consumer prices index rose 6.7 per cent in September, stagnant from 6.7 per cent the month before, according to the Office for National Statistics.

The ONS said the largest downward contributions to the rate came from food and non-alcoholic beverages, where prices fell on the month for the first time since September 2021, and furniture and household goods, where prices rose by less than a year ago.

Rising prices for motor fuel made the largest upward contribution to the change in the annual rates.

However, today’s CPI figures confirmed that state pension triple lock uprating for 2024/25 will likely be determined by the 8.5 per cent earnings figure, if the government keeps its triple lock pledge.

The triple lock increases the state pension by the higher of earnings data, inflation or 2.5 per cent.

Data published yesterday confirmed that wages grew by 8.5 per cent in the year to July, indicating the state pension is likely to rise in line with this earnings figure, bringing the full new state pension amount from £203.85 to £221.20 a week.

Patrick Thomson, head of research analysis and policy at Phoenix Group, said September’s CPI figure completes the final part of the triple lock equation.

It means, subject to any adjustments, the average earnings figure will deliver an 8.5 per cent increase to the state pension come April next year.

“12.6mn people are currently in receipt of the state pension, so any last minute tweaks to the triple lock will have a material impact on the day-to-day lives of millions of people, not least those for whom the state pension is their only source of income,” he said.

“More than a third of adults over 66 who are still in work expect the state pension to be their main source of income in retirement.”

Thomson explained that when thinking about the costs of the triple lock and the state pension more broadly, the government needs to consider two important factors: how much people are paid through the state pension and what age they will receive it.

Becky O’Connor, director of public affairs at PensionBee, said: “With earnings generally rising at a faster rate and the cost of food coming down slightly, according to the ONS data, there may be more breathing space for those families who have had a pay rise – and possibly even a bit more money left at the end of the month.

“Those who haven’t benefited from a higher-than-inflation pay increase continue to remain squeezed.”