UK rate of inflation slows to 4.6%

Written by Michael Griffiths

15/11/2023

UK inflation has fallen to 4.6% for the year to October, a sharp fall from 6.7% in September, new figures published by the Office for National Statistics (ONS) have revealed.

October’s figure follows two successive months of no change in the annual rate of consumer prices index (CPI) inflation.

The latest figure also marks a significant fall from the recent peak of 11.1%, which was recorded in October last year.

This easing in the annual rate comes as CPI inflation did not change on a monthly basis between September and October, compared with a rise of 2.0% at the same point in 2022.

Economists have cited falling energy prices as well as the Bank of England’s interest rate hiking cycle as reasons behind the annual rate of inflation coming down.

The ONS also reported that core CPI inflation – which excludes energy, food, alcohol and tobacco – stood at 5.7% in the 12 months to October, a figure that has also fallen from September and came down from 6.1%.

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