Inflation Drops to Lowest Level in 3 Years

The UK’s inflation rate dropped unexpectedly to 1.7 percent in the year to September, its lowest level in over three years. This significant decline, from a peak of 11.1 percent in October 2022, was driven by falling airfares and petrol prices, according to data from the Office for National Statistics (ONS). “Inflation eased in September to its lowest annual rate in over three years. Lower airfares and petrol prices were the biggest driver for this month’s fall,” said ONS Chief Economist Grant Fitzner. Prices for domestic, European, and long-haul flights fell in September, with air fares dropping by 34.8 percent, compared to 23.2 percent the same month last year....