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| UK inflation rate remains negative in October | |
| (35 minutes later) | |
| UK inflation as measured by the Consumer Prices Index (CPI) remained at -0.1% in October, the Office for National Statistics has said. | |
| The news will further dampen expectations of a rise in interest rates any time soon. | |
| The Bank of England said earlier this month that the global economy was weakening, depressing inflation risks. | |
| Following this report, many economists forecast that rates would not rise until well into next year. | |
| October marked the first time consumer prices have fallen on an annual basis for two months in a row. The price of clothing rose last month, but this was offset by a fall in food, alcohol and tobacco. | |
| The ONS said prices fuel prices fell by 14% on an annual basis, while food and drink prices fell by 2.7% in October and energy costs were 4.1% lower. | |
| "This is now the ninth month running that CPI has been at or very closer to zero," ONS statistician Richard Campbell said. | |
| In its latest quarterly Inflation Report, released earlier this month, the Bank said that inflation was unlikely to rise to 1% until the second half of next year, while it would be two years before it reached its 2% target. | |
| An ONS measure of core consumer price inflation, which strips out changes in the price of energy, food, alcohol and tobacco, rose to 1.1%, compared with economists' expectations for it to hold at 1%. | |
| The ONS also released figures for house price inflation, which showed an 6.1% annual rise across the UK as a whole in September, compared with 5.5% in August. |