18/11/2008 Inflation rates down

The Office for National Statistics (ONS) has announced that inflation was down 0.7% in October compared with September.

The Consumer Prices Index (CPI), which is the Government's target measure for inflation showed that inflation was down to 4.5% in October compared with 5.2% in September.

The drop in price of crude oil was the largest downward pressure on the CPI annual rate, with food and non alcoholic beverages also contributing to the downward pressure.

The ONS also reported that the Retail Prices Index (RPI) revealed that inflation was down to 4.2% in October from 5.0% in September, with the main factors that affect the CPI affecting the RPI.

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