Inflation falls to 1.7% in September

Written by Dan McGrath

16/10/2024

UK inflation has fallen below the 2% target set by the Bank of England (BoE) in the year to September to 1.7%, the Office for National Statistics (ONS) has revealed.

This is the first time that consumer price index (CPI) inflation has dropped below the BoE’s target since April 2021.

On a monthly basis, the ONS said that the CPI was "little changed" in September, down from a rise of 0.5% a year previously.

Core CPI, which excludes energy, food, alcohol and tobacco prices, rose by 3.2% in the 12 months to September, down from a rate of 3.6% in August.

The largest downward contribution to the monthly change came from transport, with larger negative contributions coming from air fares, which was the largest positive contributor last month, and motor fuels.

The largest offsetting upward contribution came from food and non-alcoholic beverages.

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