UK Inflation Drops to Lowest Level in Over Three Years

Inflation

UK: The inflation rate in the UK stood at 1.7% in the 12 months to September 2024, down from 2.2% in August, according to the Office for National Statistics (ONS). This marks the lowest inflation rate in over three years and places it comfortably below Bank of England’s target of 2%. The primary contributors to the drop were lower airfares and petrol prices, while increases in food and non-alcoholic drink prices partially offset the drop, marking the first-time food price inflation has strengthened since early last year. The year to September saw a 0.7% decrease in factory gate prices, and a 2.3% decrease in raw material costs due to lower crude oil prices, providing further relief for businesses.

Source: Business Desk