Britain Posts Slowdown in October Inflation
The statistics office noted that September, August, and July had all recorded 3.8 percent—the joint-highest levels since January 2024, when inflation stood at 4 percent.
According to the ONS, housing and household services were the biggest downward contributors to the change in CPI rates, while food and non-alcoholic beverages drove the largest upward movement.
The moderation in overall inflation in October was primarily due to falling gas and electricity costs, as well as lower hotel prices, said ONS chief economist Grant Fitzner.
Food and non-alcoholic beverage prices, however, continued to climb. The annual inflation rate for these items hit 4.9 percent in October, up from 4.5 percent in September. On a monthly basis, prices increased 0.5 percent in October, compared with just 0.1 percent in the same month last year.
“This will be unwelcome news for consumers just a week before the Budget,” said Kris Hamer, director of insight at the British Retail Consortium. "With prices still high and consumers feeling the pinch, the Budget is a crucial opportunity to alleviate some of the price pressures bearing down on the industry," he further noted.
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