United Kingdom Inflation October 2019

United Kingdom

United Kingdom: Inflation falls further below target in October

November 13, 2019

Consumer prices fell 0.2% in October compared to the prior month, contrasting September’s 0.1% increase. The fall was driven by lower prices for food, and housing and utilities.

Inflation fell to 1.5% from 1.7% in September, moving further below the Bank of England’s (BoE) 2.0% target and undershooting market expectations. Muted inflation was driven in part by low energy prices following changes to the price cap set by the energy regulator. Core inflation—which excludes food and energy costs—was stable at 1.7%.

The Bank of England downgraded its inflation projections in November, and now sees inflation at 1.5% in Q4 2020 and 2.0% in Q4 2021. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in both 2020 and 2021.

Author:, Economist

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United Kingdom Inflation Chart

United Kingdom Inflation October 2019

Note: Annual and monthly variation of consumer price index in %.
Source: Office for National Statistics (ONS) and FocusEconomics calculations.

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