UK inflation slid to its lowest level since April 2021 last month and below the Bank of England’s 2 per cent target, increasing the chances of an imminent cut to interest rates. The rate of price growth in the UK economy slipped to 1.7 per cent on an annual basis in September from 2.2 per cent in the previous month, according to the Office for National Statistics (ONS). City analysts had expected the rate to drop to 1.9 per cent, while the Bank of England had forecast a smaller decline to 2.1 per cent. The drop was driven by lower air fares and petrol prices in September compared with the same month last year. This was offset by growth in food and non-alcoholic beverages inflation,

Source: The Times October 16, 2024 12:07 UTC