The minister also claimed his efficiency drive has saved the taxpayer £4 billion this year
It comes well ahead of the next-highest inflation rates seen amongst the G7 countries
A Treasury official working on the water privatisation project said the scheme failed to secure value for both taxpayers and water consumers.
Meanwhile, Boris Johnson's spokesperson has said there will be no further government intervention before the Tory leadership race ends
It comes as UK workers suffer a record-breaking pay slump
"We're looking at 900 redundancies plus."
Decision makers hiked the Bank’s base interest rate in the biggest single rise since 1995, as they tried to control the runaway inflation.
Office for National Statistics (ONS) figures show wages now lag behind inflation at 20-year low.
Stagflation reflects the "realities that Brexit has wrought", economist Adam Posen said.