United Kingdom inflation falls to lowest level in almost three years

United Kingdom inflation falls to lowest level in almost three years

United Kingdom inflation falls to lowest level in almost three years

On a monthly basis, the consumer price index was down 0.2% following a 0.1% rise in September and versus expectations for a 0.1% dip.

Core inflation in October 2019 is the lowest in the present CPI series, and the lowest in last 94 months (CPI 2012 base inflation is available from January 2012).

This was the lowest United Kingdom inflation rate recorded since November 2016, when it was 1.2%.

"While falling prices are good news for consumers, especially in light of the latest wage growth figures, released yesterday, slowing from 3.8% to 3.6%, there are many question marks for the future with Brexit and a general election all adding to uncertainty".

Compared to October 2018, food prices were 4.7 per cent higher, with non-food prices shrinking by 0.5 per cent, while services prices rose by 2.8 per cent.

The ONS highlighted the price cap and said it had pushed down electricity and gas prices for 15 million British homes. "However, this was partially offset by rising clothing prices". In the meantime, a further modest downside contribution came from the fall in motor fuel prices in October, greatly reflecting the effect of the sharp move lower in oil prices towards the end of September.

India's central banking institution Reserve Bank of India (RBI) had set a medium-term target of 4 percent for consumer inflation, which is determined by the CPI.

A Reuters poll of economists had pointed to a 1.6% increase. Economists had expected the rate to slip to 1.6%.

On a year-over-year basis, headline inflation is now at 1.8%, vs. consensus of 1.7% and 1.7% previously.

"We will closely watch out for the evolution of inflation amid various domestic and global idiosyncrasies, and fiscal fragilities that could impact the MPC's (Monetary Policy Committee's) reaction function".

"With a General Election and Brexit on the horizon, it's hard to foresee exactly when the political and economic environment might stabilise, and if nothing changes for the better the Bank of England will be under pressure to introduce an interest rate cut in early 2020". Input prices fell 5.1% from a year earlier, the biggest annual decline since April 2016, with crude oil exerting the biggest downward effect.

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