LIVE UPDATES
The UK’s inflation rate fell to 1.7% in the year to September, making it the lowest percentage in three years, according to official figures released by the Office for National Statistics (ONS).
The decline according to the report was driven by lower airfares a d petrol prices.
Experts and policymakers has predicted inflation would drop to 1.9%, but the unexpected decline brings the inflation rate below the Bank of England's 2% target.
This development is expected to influence monetary policy, with further interest rate cuts likely next month as part of efforts to boost economic growth.
Darren Jones, Chief Secretary to the Treasury, noted that "the reduction in price rises is a welcome news for millions of families across the UK, which would serve as a relief in the volatile economic environment."
The September inflation figure is traditionally used as the benchmark for adjusting benefits; as a result, many benefits are expected to rise by 1.7% from April 2025, providing additional financial support to low-income households and vulnerable groups.
