LONDON (AFP) – Inflation in the UK fell sharply in October to 4.6% year-on-year, after prices rose 6.7% in the previous month, according to figures released by the Office for National Statistics (ONS) this month.
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The inflation figure is below the target of less than 5% inflation set by Conservative First Minister Rishi Sunak’s government, which faces a crisis in his party heading into next year’s general election.
“Official figures confirm that we have achieved the first of the five priorities we set at the beginning of the year and reduced inflation to a certain extent,” Sunak said following the release of the data.
Grant Fitzner, the ONS’s chief economist, noted that “inflation eased significantly” in October due to a reduction in energy spending, following last year’s sharp rise.
“Food prices only differed during the month due to similar closures last year and rising hotel care prices, which contributed to keeping inflation at its lowest level in recent years,” he added.
© 2023 AFP
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