UK Inflation substantially lower for year to October

By rotide
Created 16/11/2023 - 08:47

Not too difficult to find why inflation has dropped to a two year low at 4.6%, from September's 6.7%, when gas is around a third cheaper than 12 months ago and electricity is 15% lower.

Interesting that once again fuel retailers have been accused of profiteering by the Energy Secretary Claire Coutinho, as the difference between petrol and diesel widens again, currently diesel being about 10p a litre higher than petrol, on the forecourt, when the RAC fuel watch, has pointed out in past months that diesel has been retailing at up to 16 p higher at the pumps, when the wholesale price on occasions has been lower than petrol. Possibly Sadiq Khan's much hated expansion of ULEZ has encouraged the feeling that the fuel giants can charge what they like to diesel drivers, while throwing in a big negative to the Government plan to drive inflation to the Bank of England target of 2%.

With inflation going one way it is hoped that interest rates will also go lower, though the UK economy isn't viewed as stable enough to lower borrowing costs this year and maybe not in Q1 2024 either.


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