British inflation fell to its lowest level in two years last month. That is good for Prime Minister Rishi Sunak, who has promised to curb price growth before the 2024 election.
Daily life in the United Kingdom was 4.6 percent more expensive in October than a year earlier, reports the British statistics agency ONS. In September inflation was still 6.7 percent.
Economists had expected a 4.8 percent increase in consumer prices in October. So-called core inflation, which does not take into account the highly fluctuating prices for food and energy, fell to 5.7 percent, compared to 6.1 percent in September.
Cooling inflation is good news for Prime Minister Sunak. He has promised to halve price growth this year compared to the peak level in 2022. According to recent opinion polls, his Conservative Party is in danger of losing the coming elections.
Commenting on the new inflation figures, Sunak said his government must “stay the course” to further reduce inflation. “While it is good news that prices are no longer rising as fast, we know that many people are still struggling.” Ultimately, he wants to reduce inflation to 2 percent.
The British economy has still not returned to pre-corona pandemic levels. It is the only major European economy for which this applies.
2023-11-15 10:12:22
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