The UK’s inflation rate dropped to 1.7% in the year to September, the lowest in over three years, according to the Office for National Statistics (ONS).
This decline, driven by lower airfares and petrol prices, exceeded economist expectations and fell below the Bank of England’s 2% target.
The drop is seen as a positive sign for consumers and could prompt further interest rate cuts to boost economic growth. Benefits are also expected to rise by 1.7% in April 2025, providing relief to low-income households.
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