{"id":5409,"date":"2024-10-16T14:26:59","date_gmt":"2024-10-16T14:26:59","guid":{"rendered":"https:\/\/restaurantnews.co.uk\/?p=5409"},"modified":"2024-10-16T14:26:59","modified_gmt":"2024-10-16T14:26:59","slug":"uk-inflation-rate-drops-to-three-year-low-of-1-7","status":"publish","type":"post","link":"https:\/\/restaurantnews.co.uk\/?p=5409","title":{"rendered":"UK inflation rate drops to three year low of 1.7%"},"content":{"rendered":"<p>UK inflation has dipped below the Government and Bank of England\u2019s 2% target, marking the lowest level in three and a half years. Recent data from the Office for National Statistics (ONS) indicates that the consumer prices index (CPI) stood at 1.7% for September.<\/p>\n<p>Lower costs for petrol and flights have played a significant role in driving down the annual inflation rate last month. However, concerningly for the hospitality and catering sector, food inflation has continued to increase.<\/p>\n<p>The Core CPI, which excludes energy, food, alcohol, and tobacco costs, rose by 3.2% in the year leading to September 2024, a decrease from 3.6% in August.<\/p>\n<p>City analysts predict that the decline in inflation, alongside the recent slowdown reported in the jobs market, will intensify pressure on the Bank of England to reduce interest rates. A reduction of a quarter percentage point to 4.75% is now anticipated from the Bank of England policymakers in November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK inflation has dipped below the Government and Bank of England\u2019s 2% target, marking the lowest level in three and a half years. Recent data from the Office for National Statistics (ONS) indicates that the consumer prices index (CPI) stood at 1.7% for September. Lower costs for petrol and flights have played a significant role [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-5409","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-restaurant-news-uk"},"_links":{"self":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5409"}],"collection":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5409"}],"version-history":[{"count":0,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/media\/5410"}],"wp:attachment":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}