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
