15 November 2023

The UK's inflation rate has fallen to 4.6% in October 2023. The Office for National Statistics (ONS) suggests that the annual rate in October 2023 was the lowest since October 2021.

The Consumer Prices Index (CPI) rose by 4.6% in the 12 months to October 2023, down from 6.7% in September and from a recent peak of 11.1% in October 2022. On a monthly basis, CPI did not change in October 2023, compared with a rise of 2.0% in October 2022.

The largest downward contribution to the monthly change in CPI annual rates came from housing and household services, where the annual rate for CPI was the lowest since records began in January 1950. The second-largest downward contribution came from food and non-alcoholic beverages where the annual rate was the lowest since June 2022.

Keep an eye out for our update on the upcoming Bank of England bank rates, set to be released 15 December 2023.

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