Consumer price inflation (CPI) in the UK for October came in lower than anticipated at 4.6%, down from September’s 6.7%, marking the smallest increase since October 2021.
Both Bank of England forecasts and a Reuters poll had predicted a figure of 4.8%. Annual core inflation also decreased to 5.7% from 6.1%. The data offers a positive note for Prime Minister Rishi Sunak, who aimed to halve price growth this year.
However, Bank of England Chief Economist Huw Pill cautioned that even with the decline, inflation remains “much too high.” The central bank emphasizes it is not considering lowering interest rates from the current 15-year high.