Overview
- Official ONS data show CPI slowed from 3.8% in September to 3.6%, ending a three‑month hold.
- ONS chief economist Grant Fitzner cited smaller year‑on‑year increases in gas and electricity after Ofgem’s cap change, with hotel prices also easing.
- Food inflation accelerated to 4.9%, partly offsetting the headline drop, while core inflation edged down to 3.4% and services to 4.5%.
- Market pricing shifted toward a December cut after the print, with the Bank of England having held Bank Rate at 4% at its last meeting.
- Rising input and factory‑gate prices, Q3 GDP growth of 0.1% and unemployment up to 5.0% underscore risks to the policy path.