Inflation in the UK saw a shock fall in October

Inflation in the UK witnessed a shock fall in October, according to the latest data released by the Office for National Statistics on Tuesday.
The ONS said that the UK’s consumer price index — the key measure of inflation — was down to 0.9% year-on-year in October, dropping from 1% in the previous month, and significantly below the expected 1.1% inflation forecast by economists.

Core inflation figures, which strip out volatile goods like oil and food, fell to 1.2% in the month, down from 1.5% at the previous reading.

Here’s how October’s data looks like as part of the long-term trend (note the drop from September):

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