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| Inflation falls to three-year low as energy prices fall | |
| (32 minutes later) | |
| UK inflation rose at its lowest pace in almost three years last month as the energy cap kept a lid on the price of electricity, gas and other fuels, according to official statistics. | UK inflation rose at its lowest pace in almost three years last month as the energy cap kept a lid on the price of electricity, gas and other fuels, according to official statistics. |
| The Office for National Statistics (ONS) said consumer prices rose 1.5% in October, against 1.7% in September. | |
| Energy regulator Ofgem lowered price caps last month. | Energy regulator Ofgem lowered price caps last month. |
| The slower pace of price rises could boost household spending as wages are rising faster than inflation. | The slower pace of price rises could boost household spending as wages are rising faster than inflation. |
| ONS data released on Tuesday showed that average earnings, excluding bonuses, increased by 3.6%. | |
| The October inflation number was lower than the 1.6% forecast by economists, although the Bank of England has said inflation could slip to 1.25% early next year - well below its 2% target. | |
| A spokesperson for the ONS said: "A fall in utility prices due to a lowering of the energy price cap helped ease inflation in October. However, this was partially offset by rising clothing prices." | |
| Gas and electricity prices fell by 8.7% and 2.2% respectively in October from September. | |
| Ofgem said that around 15 million households on default deals or pre-payment meters will fall this winter as a result on its latest cap on prices which took effect from October. | |
| The cap means that households should typically pay £75 less a year. |