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Lower airfares and petrol prices were the main driver behind the fall, the Office for National Statistics (ONS) said. Inflation was lower than expected, with analysts having predicted a reading of 1.9% for the month.
September's inflation figure is normally used to set how much most benefits will rise next April. This means UK state benefits will rise by 1.7% next year.
🚨BREAKING NEWS🚨 The rate of inflation has slowed down to a rise of 1.7% in September which is below the Bank of England's target of 2% for the first time in nearly 3 years. pic.
twitter.com/8P6mLMFbYh — Good Morning Britain (@GMB) October 16, 2024 It also confirms that state pensions will increase by 4.1% next April, due to the triple-lock policy.
The heavier-than-predicted fall in the inflation rate is expected to add pressure onto Bank of England rate-setters to cut interest rates, which had been hiked in recent years to bring inflation down to the 2% target. Policymakers at..
. Matthew Evans.
