Real-Time Research Intelligence Engine

research_topic: 'UK inflation rates and economic impact', research_focus: 'Latest monthly data and consumer impact analysis'

## Executive Summary UK inflation fell to 4.6% in October 2023, down from 6.7% in September, marking the lowest rate in over a year. This significant decline was driven primarily by reduced energy costs and government intervention measures. ## Current Status & Latest Data - Consumer Price Index (CPI): 4.6% year-on-year (October 2023) - ONS - Core inflation: 5.7% (October 2023) - ONS - Food inflation: 10.1%, down from 12.2% previous month - ONS - Energy price cap: £1,834 annually for typical household (October 2023) - Ofgem ## Analysis & Context This represents the sharpest monthly decline in inflation since early 2022. The drop primarily reflects the unwinding of last year's energy price spikes and government energy bill support. However, core inflation remains elevated, suggesting underlying price pressures persist in services and wages. ## Key Sources - Office for National Statistics (Primary source, published Nov 15, 2023) - Bank of England Monetary Policy Report (November 2023) - Ofgem Energy Price Cap announcement (October 2023) ## Limitations & Notes - Data reflects October 2023; November figures pending - Regional variations not captured in headline figures - Recommend monitoring wage growth data for complete picture