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In September inflation was considerably higher, at 6.7 percent. “In January I made it my top priority to halve inflation,” Prime Minister Rishi Sunak said on the short message service X. “Today we have kept that promise.”
The main reason for the significant decrease in inflation is the development of the costs of housing and household services. This was a sharp decline compared to September. Moreover, food prices have risen less sharply. The overall inflation rate did not change from month to month.
In contrast, there was only a slight decline in the annual core inflation rate. This takes into account highly fluctuating prices for energy and food. In this context, the statistics office reported a price increase of 5.7 percent for October, after the annual figure in the previous month was 6.1 percent. Analysts had expected a weaker decline in the core interest rate to 5.8 percent.
Despite the setback, British inflation remains high compared to other major economies in Europe. The inflation rate in the eurozone was only 2.9 percent in October.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
