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Inflation falls to three year low as energy prices fall

Inflation falls to three year low as energy prices fall

UK inflation rose at its lowest pace in almost three years last month as the energy cap kept a lid on the price of electricity, gas and other fuels, according to official statistics.The Office for National Statistics (ONS) said consumer prices rose 1.5% in October, against 1.7% in September.Energy regulator Ofgem lowered price caps last month.The slower pace of price rises could boost household spending as wages are rising faster than inflation.ONS data released on Tuesday showed that average earnings, excluding bonuses, increased by 3.6%.
The October inflation number was lower than the 1.6% forecast by economists, although the Bank of England has said inflation could slip to 1.25% early next year - well below its 2% target.A spokesperson for the ONS said: "A fall in utility prices due to a lowering of the energy price cap helped ease inflation in October. However, this was partially offset by rising clothing prices." Gas and electricity prices fell by 8.7% and 2.2% respectively in October from September.
Office for National Statistics
UK economy
Ofgem
Inflation
Energy industry
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