Lower airfares and petrol prices were the biggest driver of this month's fall,
It is absolutely amazing to see such a dramatic drop in the U.K.'s CPI number, and the news had brought nothing [but] good things for the Bank of England,
The underlying conditions support this move, energy prices have eased, the economy has cooled, and the labor market has stabilized,
The lower inflation rate will be comforting for consumers who may be enjoying a little more financial flexibility now that incomes are less stretched than they have been over the past couple of years. Of course, prices are still rising, just at a significantly slower pace than at the height of the cost-of-living crisis in October 2022 when inflation hit a peak of 11.1 percent."
The rate-setting Monetary Policy Committee is likely to consider other data points aside from the headline inflation rate when they deliver their next interest rate decision on November 7. These include the cooling jobs market, with wage growth and vacancy levels both continuing to ease, along with slowing economic growth figures in recent months compared to the first half of the year."
It's good news for family finances that inflation has fallen below two percent but of course, there's more work to be done to protect working people and bring stability and growth back to the economy, hich is what the Chancellor and this Government is doing now and in the run-up to the Budget at the end of October."
A quarter-point rate cut in November is now effectively a done deal, and this report certainly makes the path to a consecutive cut in December much clearer.
Inflation eased in September to its lowest annual rate in over three years
It will be welcome news for millions of families that inflation is below 2 per cent
Meanwhile, the cost of raw materials for businesses fell again, driven by lower crude oil prices,