Inflation falls at record pace to 4.5%
As the value of the pound outside of the UK sinks, it appears that inflation within the country is falling as well. Inflation in th eUk fell at a record pace in October, data released today shows.
Inflation tumbled at a record pace in October to 4.5 per cent, down from the 16-year peak of 5.2 per cent in September, official figures show.
A sharp fall in transport costs, coupled with lower fuel and food prices, helped to push down the Consumer Price Index to the lowest rate since July.
But core inflation, which excludes volatile energy and food prices, also fell from 2.2 per cent to 1.9 per cent, indicating that retailers are cutting prices in a bid to attract consumers into the shops during the recession.