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Originally Posted by Pierre
Inflation actually dropped today, as the recent rise was not demand led, it was supply led. Inflation looks like it may yoyo around for several months whilst the global supply chain evens itself out.
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A 0.1 drop is hardly earth-shattering. In part, all it means is that some price increases of August last year were higher than increases in August of this year. Then the very recent increases(eg gas and electric) have yet feed in.
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The increase in the cost of living, as measured by the Consumer Prices Index, fell to 3.1% in the year to September, down from 3.2% in August.
Higher prices for transport were the biggest contributor to price rises.
It comes after the Bank of England warned it "will have to act" over rising inflation, suggesting interest rates may rise soon.
The inflation rate fell back slightly last month because prices in restaurants rose less this August than last August when the Eat Out to Help Out Scheme was running, the Office for National Statistics said.
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