Rolling coverage of the latest economic and financial news, including the latest UK inflation report
- UK inflation expected to slow sharply, easing interest rate pressure
The pace of price rises for food and non-alcoholic beverages also fell sharply in October, but was still – just – in double-digits.
The annual inflation rate for food and non-alcoholic beverages dropped to 10.1% in October 2023, down from 12.2% in September.
Gas costs fell by 31.0% in the year to October 2023, compared with a rise of 1.7% in September. This is the lowest annual rate since records began in January 1989.
Electricity costs fell by 15.6% in the year to October 2023, compared with a rise of 6.7% in September. This is the lowest annual rate since records began in January 1989.
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