Inflation nudged lower last month despite rising fuel and transport costs. New figures from the Office for National Statistics (ONS) revealed that the rising cost of living slowed last month, but still struck the second-highest reading since 2012 and is expected to increase again, according to economists. The ONS said Consumer Prices Index (CPI) inflation fell to 3.1 percent in September from 3.2 percent in August. However, the figure remains far above the Bank of England’s target rate of 2 percent. Analysts had forecast that inflation was likely to stay flat at 3.2 percent for the month. It comes after the Bank of England warned last month that inflation could rise to more than 4 percent before falling back as the economy continues to recover from the pandemic. Mike Hardie, head of prices at the ONS, said: “Annual inflation fell back a little in September due to the unwinding effect …