Overview
- Official ONS data show CPI slowed to 3.6% from 3.8% in September, the first drop after a three‑month plateau and the lowest since June.
- ONS chief economist Grant Fitzner said the fall was led by gas and electricity prices rising less year on year after Ofgem’s October cap change.
- Core inflation dipped to 3.4% and services inflation to 4.5%, while food and non‑alcoholic drink inflation rebounded to 4.9%.
- Economists said the reading increases the likelihood of a Bank of England rate cut in December, though the decision could hinge on next week’s Budget and further data.
- The figures land a week before Chancellor Rachel Reeves’s Budget, offering a political lift as growth slows and unemployment has ticked up.