Inflation falls To 1.7%
The Office for National Statistics (ONS) has reported a sharp drop in inflation for September 2024. The Consumer Prices Index (CPI) rose by just 1.7% in the year to September, down from 2.2% in August.
This is the lowest inflation rate in over three years, falling below the Bank of England’s 2% target.
With inflation now at its lowest point in years, the Bank of England is under growing pressure ahead of its next Monetary Policy Committee meeting on 7th November. This significant drop leaves the Bank with little room to avoid cutting interest rates, a move that could have a substantial impact on supporting the slowing economy.
Mortgage Rates Affected
