The Triple Lock will determine the level of uprating to be applied to the State Pension for the 2024/25 financial year and pays the highest between September’s Consumer Price Index (CPI) inflation rate, earnings growth, or 2.5 per cent.
The frontrunner for the uprating is currently earnings growth, which came in at 8.5 per cent (including employee bonuses) for the period between May and July.
The latest CPI inflation rate is 6.7 per cent which covers the 12 months leading up to August with the September figure due to be announced on Wednesday, October 18.
It looks increasingly unlikely that after a slight dip from 6.8 per cent in July to the current figure that it will rise beyond the wages growth figure of 8.5 per cent.
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