The UK inflation rate falls for the first time in seven months to 3.6% in the year to October well above the Bank of England’s 2% target .
The drop, slightly less than economists had expected, was driven by energy prices rising at a slower pace whilst food price inflation increased, with prices on average 4.9% more expensive than they were in October last year.
UK Prime Minister Keir Starmer welcomed the drop in inflation stating “This is welcome news, but I know families across the country are still struggling with the cost of living.
“My government is carrying on with the work of tackling the cost of living and making families better off,” he concluded
Chancellor Rachel Reeves says the drop in inflation rate is “welcome” but insists that there is “more to do”.
“I recognise that inflation and the cost of living is still a big burden on families right across country” she said.
The chancellor also vowed to announce “targeted action” to bring down inflation in next week’s Autumn Budget “I do recognise there is more we need to do,” she concluded.