UK inflation rate falls to 3.6% in year to October


“I’m determined to do more to bring prices down,” said Chancellor Rachel Reeves, after the latest data was released.

“I recognise that inflation and the cost of living is still a big burden of families across country,” she said.

Reeves has said easing cost-of-living pressures is one of the main goals of the Budget, which is expected to see a combination of tax rises and spending cuts to shore up the government finances.

The biggest upward pressure on prices came from food and non-alcoholic drinks, the ONS said. The 12-month inflation rate for food was 4.9% in October, up from 4.5% in September.

Bread, meat fish, vegetables, chocolate and confectionary were among the products that rose in price. However fruit prices fell slightly.

The fall in inflation to 3.6% means prices are rising more slowly than they were and will foster hope that inflation has peaked, helping to pave the way for lower interest rates.

That in turn could mean lower mortgage and savings rates, but should also help encourage economic growth.

Inflation was last at 3.6% in June. In the months following that it edged up to 3.8%, before the fall in October.


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