Consumer prices index inflation falls to 1.5%, in a boost to households, thanks to lower energy bills
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Back in August, Ofgem ruled that the average annual energy bill for 11m homes will fall from £1,254 to £1,179, from the start of October.
It also pushed down the bills for households on pre-paid meters (but only by £25).
Some instant reaction:
Inflation down to lowest level in nearly three years, both CPI and CPIH at 1.5%. ONS cites impact of Ofgem energy price cap pic.twitter.com/uL93EDWEHp
UK CPI inflation down from 1.7%y/y in Sep to 1.5%y/y in Oct. Core inflation held steady at 1.7%y/y. Gas, electric & other fuels were the main downward push (result of Ofgem’s energy price cap). Clothing & footwear the main upward push on inflation. RPI: 2.1%y/y CPIH: 1.5%y/y. pic.twitter.com/g10PSXLCXJ