The latest figures from the Office for National Statistics (ONS) show inflation slipping from 3.8% in September, though the fall was not as sharp as economists had forecast. The reduction strengthens hopes that price pressures have peaked and could pave the way for future interest rate cuts, even as inflation remains above the Bank of England's 2% target.
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The Consumer Prices Index (CPI) rose to 3.8 per cent last month, up from 3.6 per cent in June, according to the Office for National Statistics (ONS). This marks the highest rate since January 2024, when inflation stood at 4 per cent. The ONS highlighted transport costs as the primary driver behind the increase, particularly a significant surge in flight prices.
