UK inflation falls to 1.7%
Surprise drop, driven by falling transport costs, makes additional rate cuts more likely
UK annual consumer price index inflation fell to 1.7% in the year to September, according to figures published today (October 16) by the country’s Office for National Statistics.
The 0.5 percentage point drop in the CPI figure recorded for the year to August was greater than the financial markets – and many economists – had been forecasting.
Inflation in the UK is now below the Bank of England’s 2% target level, and may raise concerns among some economists of the figure falling below the bank’s 1%
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