Shoppers pass along the main high street in Whitstable, UK.
Bloomberg | Bloomberg | Getty Images
LONDON — U.K. inflation fell sharply in October to 4.6% from 6.7% the previous month, hitting a two-year low.
The headline consumer price index was flat on a monthly basis. Economists polled by Reuters had expected the headline CPI to rise by 4.8% year-on-year and 0.1% from the previous month.
The Bank of England earlier this month left its benchmark interest rate unchanged at 5.25% after ending a run of 14 straight hikes in September, as policymakers looked to wrestle inflation back down towards the Bank’s 2% target.
The drop will be welcome news for Downing Street after Prime Minister Rishi Sunak committed to halving U.K. inflation back in January, when the annual CPI rate was running above 10%.
This is a breaking news story and will be updated shortly