Inflation dropped below the Bank of England target rate last month for the first time since April 2021, according to new figures. The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation fell to 1.7% in September, from 2.2% in August.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Some major breaking economic news this morning. Inflation dropped below the Bank of England
00:12target rate last month, for the first time since April 2021. The ONS said consumer prices
00:20index inflation fell to 1.7% in September, from 2.2% in August. The slowdown was driven
00:29by a sharp slump in petrol prices and lower airfares. Inflation was lower than expected,
00:37with analysts predicting a reading of 1.9% for the month. The September figure is used
00:43by the government to decide a number of tax and spending changes for next year, and it
00:48means UK state benefits will rise by 1.7% next year. So a major update this morning.
00:57Inflation has fallen below the 2% target for the first time in three years. My name
01:02is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.