UK Inflation Falls Below 2% for First Time Since 2021

• UK inflation drops to 1.7%, falling below the government target of 2%
• Lower airfares and petrol prices contribute to the decline
• Food price inflation rises for the first time in over a year

The UK's inflation rate has dropped below the government’s 2% target for the first time since 2021, according to the latest figures from the Office of National Statistics (ONS). In September 2024, the Consumer Price Index (CPI) rose by 1.7%, down from 2.2% in August.

ONS Chief Economist Grant Fitzner noted that lower airfares and petrol prices played a significant role in the decrease, although these gains were partly offset by rising food prices for the first time in over a year. Fitzner also mentioned that businesses benefited from falling raw material costs, driven by lower crude oil prices.

Tom Church, Co-Founder of LatestDeals.co.uk, said: “This drop in inflation is a relief for many, especially mortgage holders facing rising rates. Lower prices in key areas offer some breathing space.