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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
