Financial News: UK Inflation At 2-Year Low

UK Inflation At 2-Year Low

11/15/2023 - 02:45:00 (RTTNews)

(RTTNews) - Corrects first para

UK consumer price inflation eased sharply to a two-year low in October, official data showed on Wednesday.

Consumer prices grew 4.6 percent year-on-year in October, slower than the 6.7 percent rise in the previous month, the Office for National Statistics reported Wednesday.

Inflation was also weaker than the expected 4.8 percent. The rate was the lowest since October 2021.

Month-on-month, the consumer price index remained flat after a 0.5 percent gain a month ago. Prices were expected to rise 0.1 percent.

Excluding energy, food, alcohol and tobacco, core inflation came in at 5.7 percent in October, down from 6.1 percent in September. The rate was seen at 5.8 percent.

Another data from the ONS showed that output prices slid 0.6 percent annually, in contrast to the 0.2 percent gain in September. At the same time, prices edged up 0.1 percent, following a 0.6 percent rise in the previous month.

Input prices logged an annual fall of 2.6 percent, worse than September's 2.1 percent decrease. Prices were expected to fall 3.3 percent. On month, input prices moved up 0.4 percent after rising 0.6 percent, data showed.

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