Inflation in the UK

The British Office for National Statistics has reported that inflation as measured by the consumer price index in the UK has fallen to 2.3% in October 2005.

(PRWEB) November 26, 2005 -- The British Office for National Statistics has reported that inflation as measured by the consumer price index in the UK has fallen to 2.3% in October 2005. It had reached 2.5%, the highest in the last years, in September 2005.

A fall in banking charges and fuel prices has been the main reason behind the drop in inflation. The downward movement of inflation has also been caused by a fall in food costs that has resulted from an increase in the supply of vegetables.

According to some economists, this fall in inflation may result in an interest rate price cut in the UK.

However, the Bank of England has decided to keep the interest rates unchanged at 4.5%. This has disappointed the business community of the UK since a rate cut would have helped the manufacturing and financial companies.

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