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UK inflation eases 0.9 percent as pound's fall yet to impact

15 November 2016, 21:32

London - Britain's annual inflation rate fell to 0.9 percent in October from 1 percent in September as the weakness of the pound failed to translate into higher prices at the shops.

The Office for National Statistics says Tuesday that the fall in consumer price inflation was mainly due to clothing costs and university tuition rising less than last year and that there is "no clear evidence" that the pound's recent decline has resulted in price increases. The pound has lost almost a fifth of its value since the June 23 vote in Britain to leave the European Union.

In spite of the fall, Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, still expects inflation to "make big strides towards the (Bank of England's) 2 percent target over the next three months."

- AP

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