Inflation in the United Kingdom has fallen to 1.7%, marking the
first decline below 2% in three years, Azernews
reports, citing the data released by the Office for National
Statistics (ONS).
The decrease in air travel ticket prices and fuel costs has
significantly contributed to the slowdown in inflation. This
reduction brings inflation below the Bank of England’s target of
2%, increasing the likelihood of further interest rate cuts next
month.
Typically, the September figures are used to determine the level
of increase for Universal Credit and other social benefits in April
of the following year.
ONS data indicates that in September, the prices of petrol and
diesel dropped significantly, by 10.4% compared to the same period
last year. Additionally, the prices of tickets for domestic,
European, and long-haul flights have also impacted the decline in
inflation levels.
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