Inflation At Lowest In Over A Year

The inflation rate in the UK fell to 2.2% in October, down from 2.7%.

The inflation rate, as measured by the consumer price index (CPI), now stands at its lowest rate since September 2012. It is understood that fall will also ease the pressure on the Bank of England to raise interest rates.

The fall, which was greater that the figure predicted, is due to "the biggest drop in transport prices since July 2009, according to the Office for National Statistics.

The ONS say that between September and October, prices fell by 1.5%.

Other inflation falls include a reduction in education costs and and a drop of 0.3% in food inflation.


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