The Prime Minister of Great Britain, Rishi Sunak, declared victory over inflation today, as the latest data showed that in October it fell more than expected, to 4,6 percent.
"Official data published this morning confirm that we have halved inflation, thus fulfilling the first of the five priorities I set out at the beginning of the year," said Sunak in a statement after the release of the latest data.
He added, however, that for some people the situation is still difficult, so the country must stay on the path of reducing inflation all the way to the goal of two percent, reports B92.
He stated that inflation is like a tax.
"It takes money out of your pocket, it affects the price of food you buy, your mortgage, as well as the amount of your pension. That's why halving inflation was my first priority," explained Sunak.
The annual inflation rate in Great Britain fell to 4,6 percent in October from 6,7 percent in September and August, the British Office for National Statistics ONS announced today.
Markets had expected inflation of 4,8 percent, and it is now the lowest since October 2021.
According to the ONS website, the main cause of lower year-on-year inflation is a 3,5 percent drop in costs for housing and household services. Growth in food and soft drinks prices slowed to 10,1 percent year-on-year, which is the lowest growth rate since June 2022. In October, transport prices increased by 0,5 percent, as well as the prices of restaurant and hotel services by 7,5 percent, furniture, household equipment and maintenance by 3,1 percent, clothing and footwear by 6,2 percent.
In all the mentioned cases, the year-on-year increase in prices was lower than in September.
The annual rate of core inflation in Great Britain fell to 5,7 percent in October from 6,1 percent in September and is now the lowest since March last year.
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