LONDON, Oct. 16 (Xinhua) -- Britain's consumer prices index (CPI) rose by 1.7 percent in the 12 months to September 2024, down from 2.2 percent in August, official data showed on Wednesday.
The CPI inflation rate was at its lowest level since April 2021, according to the Office for National Statistics (ONS). This is also the first time the reading fell below the central bank's 2 percent target in more than three years.
"Lower airfares and petrol prices were the biggest driver for this month's fall. These were partially offset by increases for food and non-alcoholic drinks, the first time that food price inflation has strengthened since early last year," said Grant Fitzner, chief economist at the ONS.
"Meanwhile, the cost of raw materials for businesses fell again, driven by lower crude oil prices," Fitzner added.
ONS data showed that core CPI inflation, excluding energy, food, alcohol and tobacco, also fell to 3.2 percent in September, down from 3.6 percent in August, and the CPI services rate fell from 5.6 percent to 4.9 percent.
"Core and Services inflation rates have markedly dropped," Monica George Michail, associate economist at the National Institute of Economic and Social Research said, adding, "It is a good indication that underlying inflation is easing." ■
