CPI eases more than expected in October
Figures released by the Office for National Statistics showed that consumer price inflation eased more than expected to 5% in October.
CPI fell from 5.2% in September, its equal-highest level in 19 years.
The slowdown was driven by cheaper food, transport and petrol prices. Food prices fell by 0.9% during the month which the ONS said was due to “significant and widespread discounting by supermarkets and good harvests for certain produce”.
Despite the fall, inflation remains above the Bank of England’s 2% target and will force the Governor Mervyn King to write a letter of explanation to the Chancellor.
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