Inflation in United Kingdom decreases

Inflation in the United Kingdom has fallen to 1.7%, marking the first decline below 2% in three years, Azernews reports, citing the data released by the Office for National Statistics (ONS).

The decrease in air travel ticket prices and fuel costs has significantly contributed to the slowdown in inflation. This reduction brings inflation below the Bank of England's target of 2%, increasing the likelihood of further interest rate cuts next month.

Typically, the September figures are used to determine the level of increase for Universal Credit and other social benefits in April of the following year.

ONS data indicates that in September, the prices of petrol and diesel dropped significantly, by 10.4% compared to the same period last year. Additionally, the prices of tickets for domestic, European, and long-haul flights have also impacted the decline in inflation levels.