Data released by the British Office for National Statistics on the 15th showed that the British Consumer Price Index (CPI) year-on-year increase in October fell to 4.6% from 6.7% in September, a new low in two years.The target set by the British government at the beginning of the year to reduce inflation by half this year was achieved ahead of schedule.UK CPI rose 10.5% year-on-year in December last year.Data show that in October, falling prices of food, non-alcoholic beverages and other items in the UK drove down inflation.Core inflation, which excludes food and energy prices, fell to 5.7% in October from 6.1% in September.Starting from December 2021, the Bank of England has raised interest rates 14 times in a row, with the benchmark interest rate rising to 5.25%.In the third quarter of this year, the British economy experienced zero growth from the previous quarter.In response to the sharp slowdown in British inflation and continued economic weakness in October, market institutions believe that the Bank of England may cut interest rates earlier than previously expected.
