UK inflation sharply falls in October to 4.6% but pain not over yet

The drop in housing prices was the largest contribution to the fall in inflation, contributing 1.6 percentage points to the 2.1 percentage point decline. The ONS reported that the drop had been the lowest since records began in January 1950. The fall in housing costs came largely from the government's energy price gap fall in Ofgem's energy price cap in October, which saw energy prices for households reduce. Other smaller contributors to the drop included a decline in food prices (0.2 percentage points), its lowest level since June 2022, and the cost of restaurants and hotels (0.1 ...