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Rising prices are a key factor in the health of our own finances – and this is especially true at this time of year.
The rate of price increase, called inflation, measures not only how much we pay in stores, but also how much benefits increase each year.
The inflation figure published on Wednesday – 1.7% – is the one usually used by the government to set the increase in benefits in April.
It also comes just two weeks before the new Labor government's first final budget.
Here are some of the ways it will directly affect you and the money in your pocket.
Universal Credit and other benefits
The amount of certain benefits should, by law, increase at least in line with prices.
They include all the main disability benefits, such as Personal Independence Allowance, Carer's Allowance and Disability Living Allowance, as well as Carers' Allowance.
Others, notably Universal Credit, claimed by seven million people, are expected to increase in line with the rate of inflation, but this decision is a matter for ministers.
The convention takes as a reference for this increase the consumer price index (CPI) for September, which is 1.7%.
This is less than the 6.7% increase recorded last April, which reflected a higher rate of price increase a year ago.
In pounds and pence, this suggests that the standard Universal Credit allowance, for a single person aged under 25, will increase by £5.30 a month to around £317.
For a couple aged over 25, the rise is expected to be between £10.50 and £628 a month, according to investment platform AJ Bell.
However, it is worth remembering that the amount of Universal Credit depends largely on your circumstances, such as your income, your children or your disability.
Some 58% of Universal Credit recipients are women, and 38% of them are in work.
Why the benefit increase could have been higher
It's a question of timing, as the likelihood of a relatively small increase in benefits is likely.
The September inflation figure was considered surprisingly low by analysts.
Likewise, the rise in energy bills, which came into effect at the start of this month, is expected to lift the inflation rate when the next data is released in a month's time – too late to establish a link with benefits.
The Government, particularly the Work and Pensions Secretary (who no doubt works closely with the Chancellor), can decide to set a higher rate of benefit increase. Charities would welcome such a move, but it would be extremely unlikely.
So, for example, someone on Carer's Allowance, or the highest rate of Personal Independence Pay, would be expected to see an increase of around £1.85 per week in April.
Bigger increase in state pension
The increase in state pensions in April is not only governed by inflation, but also by the so-called triple lock.
Under this arrangement, the state pension increases each year by 2.5%, inflation or income growth, whichever is greater.
This time around, the latest data confirmed that the highest profit growth is 4.1%. This should mean:
The new full, flat-rate state pension (for those who reached state pension age after April 2016) is set to increase to £230.30 per week. This will take it to £11,975 a year, an increase of £473 on today. The old full basic state pension (for those who reached state pension age before April 2016) is set to increase to £176.45 per week. This will take it to £9,175 a year, an increase of £361 on today.
It's worth noting that millions of pensioners will lose their winter fuel payment, worth up to £300, following a government cut.
Interest rate and mortgage rate cuts more likely
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With inflation now below the Bank of England's 2% target, this paves the way for further interest rate cuts.
This would make borrowing cheaper, but could lead to lower returns for savers.
Analysts say it is now more likely that the Bank will cut interest rates in December, following a widely expected reduction from the current level of 5% in November.
This could give mortgage lenders more confidence to reduce the interest they charge on new fixed-rate home loans.
Many people are facing higher monthly repayments because rates are higher than many have been used to for a decade.
However, some nervousness remains among borrowers about what will happen under the Budget announced by Chancellor Rachel Reeves on October 30.
Government sources have told the BBC it is considering tax rises and spending cuts worth £40 billion.
