Inflation drops to 5% in October

The consumer price index (CPI) annual rate of inflation dropped to 5% during October, from 5.2% in September.

The latest figures from the Office for National Statistics (ONS) revealed a drop in both the CPI rate and the retail price index (RPI), which slipped to 5.4% in October from 5.6% during the prior month.

The drop was fuelled by a decrease in air transport fares, a “small fall in prices” for fuels and lubricants, and “the largest fall in food prices” – of 0.9% – for a September-to-October period since 1996.

The ONS says there were some upward pressures on inflation rates, including a rise in the prices of clothing and footwear, increases in gas and electricity bills and higher prices for miscellaneous goods and services.