Inflation in the U.K. has fallen to its lowest level in more than three years, a drop that has cemented market expectations that the Bank of England will lower interest rates at its next policy meetin

This month's inflation rate is also normally used to set April's increase in benefits including jobseeker's allowance, maternity allowance, housing benefit and universal credit.

Inflation dropped below the Bank of England target rate last month for the first time since April 2021, the Office for National Statistics said.

To try to slow price rises, the Bank increased rates to encourage people to spend less, and bring inflation down. While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace.

British inflation fell by more than expected last month, including key measures watched by the Bank of England, according to data on Wednesday (Oct 16) that bolstered bets on an interest rate cut next month.

Have we broken the neck of inflation. Not yet. Are we in the process of breaking that neck? Yes.” Lagarde reveals that she popped to the market in Ljubljana (where the governing council held this month’s meeting) earlier this week,

The European Central Bank cut interest rates on Thursday for the third time in about four months, as inflation in the eurozone has cooled faster than expected. Policymakers who set interest rates for the 20 countries that use the euro lowered their key rate by a quarter point,

The European Central Bank cut interest rates for the third time this year on Thursday in a nod to sluggish economic growth, some softening in an otherwise rock-solid labour market and easing consumer price pressures.

The European Central Bank remains hopeful that it can pull off a ‘soft landing’ – cooling inflation without triggering a recession. Christine Lagarde insists today that “the disinflationary process is well on track”,

The European Central Bank cut interest rates again Thursday, upping the tempo at which it is lowering borrowing costs as inflation in the eurozone cools faster than expected.

European Central Bank policymakers meet on Thursday with fading price pressures and weaker economic activity in the eurozone nudging them towards making another cut to interest rates.