UK inflation fell to a three-year low in October as the cost of electricity, gas and other fuels were capped, the Office for National Statistics (ONS) has revealed.
UK CPI fell to 1.5% in October from 1.7% in September, below analysts' estimates of 1.6%, after the energy regulator Ofgem lowered its price caps last month, causing energy prices to slump. Gas and electricity prices fell by 8.7% and 2.2% respectively over the month of October, the ONS said, though the falls were partially offset by rising costs of clothing. At the same time, ONS data released yesterday (Tuesday 12 November) revealed average earnings, excluding bonuses, rose by 3.6%, slower than the 3.8% growth seeing during the previous month. UK economist at Deloitte Debapratim D...
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