In a blow for the prime minister, the chancellor said “there may be a blip” this month.
Sunak promised in January – when inflation was more than 10% – that he would halve it by the end of this year.
Last month it was revealed that the rate had fallen to 6.8% in July from 7.9% the month before.
But appearing on Sunday with Laura Kuenssberg, Hunt conceded that trend is set to be reversed.
He said: “I do think we may see a blip in inflation in September, but after that the Bank of England is saying it will down to around 5%.”
Sarah Olney, the Liberal Democrat Treasury spokesperson, said: “It is an insult to the British people that the Chancellor describes people’s weekly food shops and bills going up as just a ‘blip’.
“The Conservatives simply don’t get it and have completely failed to get a grip of spiralling bills.
“Ministers have neglected to produce any kind of plan to grow the economy, create good jobs and tackle the cost of living crisis. People up and down the country are paying the price for years of Conservative failure.”
