🥇 First rule of investing? Know when to save! Up to 55% off Investing Pro before BLACK FRIDAYCLAIM SALE

UK inflation eases to lowest annual rate in three years

Published 16/10/2024, 07:50
© Reuters.  UK inflation eases to lowest annual rate in three years
CL
-

Proactive Investors - UK inflation eased to its lowest rate in three years in September, driven chiefly by lower airfares and petrol prices.

The update from the Office for National Statistics revealed that September's consumer prices index was up 1.7% compared to a year ago, the lowest since April 2021.

CPI last month was down from the 2.2% annual rate in August and the 4.0% rate at the start of this year, as well as being lower than the 1.9% that the market expected.

On a monthly basis, CPI was flat, which was softer than the previous 0.3% monthly increase and below expectations for a 0.1% rise.

Core CPI, which strips out more volatile prices like food and fuel, was up 3.2% year-on-year, down from the prior 3.6% and below the 3.4% consensus forecast,

Services CPI, a key measure for the Bank of England to keep track of the persistence of inflation, printed at 4.9%, down from the prior 5.6% and below the 5.2% expected.

“Inflation eased in September to its lowest annual rate in over three years," said ONS chief economist Grant Fitzner. 

"Lower airfares and petrol prices were the biggest driver for this month’s fall. These were partially offset by increases for food and non-alcoholic drinks, the first time that food price inflation has strengthened since early last year.  

"Meanwhile the cost of raw materials for businesses fell again, driven by lower crude oil prices."

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.