UK inflation falls to lowest level in more than three years
UK inflation fell to 1.7% in the year to September, the lowest rate in more than three years, official figures show.
Lower airfares and petrol prices were the main driver behind the fall, the Office for National Statistics (ONS) said.
The drop in the rate was larger than expected – economists had predicted a 1.9% fall.
It also means inflation is now below the Bank of England’s 2% target, paving the way for interest rates to be cut further next month.
Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises “will be welcome news for millions of families”.
“However, there is still more to do to protect working people, which is why we are focused on bringing back growth and restoring economic stability to deliver on the promise of change,” he added.
September’s inflation figure is conventionally used as the benchmark to set how much some benefits will increase the following April, meaning most will rise by 1.7%.
