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Deloitte comments on today's ONS inflation figures

15 November 2023

Commenting on today’s ONS inflation figures, Debapratim De, senior economist at Deloitte, said:

“The sharp fall in inflation in October is welcome news and significantly narrows the gap in price rises between the UK and its European peers. The continued easing in underlying price pressures, as evidenced by falling core and services inflation, is another positive development. Nonetheless, there is some way to go before inflation settles back to a pre-pandemic normal.

"Today's figures support the view among investors that the Bank of England's interest rate has already peaked. A further fall in inflation could bring forward market expectations for the timing of the first rate cut next year.”