Consumer price inflation was down for a second month in a row in October, according to official figures released today by the Office for National Statistics.

Consumer price inflation stayed in the red at -0.1 percent, making a rate rise in the near future look increasingly unlikely. The Bank of England said in a statement earlier this month that the global economy was weakening, and inflation was not likely to rise above 1 percent until the second half of next year. This is the ninth month in a row that CPI has been at, or very close to, zero.

ONS statistician Richard Campbell commented: “CPI remained steady at -0.1 percent in October, with stronger clothing price growth being offset by food and alcohol and tobacco, as well as a smaller impact from rising tuition fees”.

Retail price inflation also fell by 0.1 percent in October, down from 0.8 percent in September – the weakest RPI reading since November 2009.

17/11/2015