UK inflation falls by more than expected in October to 4.6%, lowest in two years

Date:

The Office for National Statistics (ONS), the UK inflation rate fell to 4.6% in October 2023, down from 6.7% in September 2023.

This was lower than the expected rate of 4.8% and the lowest level since October 2021.

The main reason for the drop was the lower energy prices, as the reduction in the energy price cap came into effect in October. Food prices also rose less quickly than in October last year.

The UK inflation rate has been on a downward trend since reaching a peak of 11.1% in July 2022, but it still remains well above the Bank of England’s target of 2%.

The Bank of England has raised interest rates 14 times since December 2021 to try to cool down the inflationary pressures, and it is expected to raise them again by 0.25 percentage points to 5.25% at its next meeting in November.

However, some analysts think that the inflation rate will continue to fall in the coming months, as the effects of the pandemic and Brexit fade away

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Voletta Wallace, Mother of The Notorious B.I.G., Passes Away at 78

Voletta Wallace, mother of the late American rapper The...

Macron Attributes East France Knife Attack to Islamist Terrorism

French President Emmanuel Macron has condemned a knife attack...

Doctor Warns Pope Francis Remains in Critical Condition Amid Health Scare

Dr. Sergio Alfieri, the medical doctor to Pope Francis,...

Egyptian President Concludes Saudi Arabia Talks on Israeli-Palestinian Conflict

 Egyptian President Abdel Fattah al-Sisi departed Riyadh, Saudi Arabia,...