News That Matters

Inflation falls to lowest level in nearly three years

Inflation fell to its lowest level in nearly three years in October, official figures show.

Consumer prices rose at a rate of 1.5% compared to 1.7% in September as the energy price cap pushed down electricity and gas prices for 15 million homes, the Office for National Statistics said.

It is the lowest rate of Consumer Price Index inflation since November 2016.

An ONS spokesman said: “A fall in utility prices due to a lowering of the energy price cap helped ease inflation in October. However, this was partially offset by rising clothing prices.”

Gas and electricity prices fell by 8.7% and 2.2% respectively in October from thew previous month.

Falling fuel prices also helped push down inflation.

The ONS said house prices in September rose by an annual 1.3% across the UK, unchanged from August after hitting a near seven-year low of 1% in June.

More from Business

Property prices in London alone fell for the 15th month in a row, down by 0.4%.

More follows…

Let’s block ads! (Why?)

Business News – Markets reports and financial news from Sky

Leave a Reply

Your email address will not be published. Required fields are marked *