UK inflation falls to lowest in 3 years – data

UK inflation rate dropped to 1.7 percent in September, the lowest rate in three and a half years, according to official data. Lower airfares and petrol prices were the main drivers behind the fall, showed the data of the Office for National Statistics on Wednesday. However, households were hit by a jump in food and non-alcoholic drink inflation, it said, adding that transportation prices went down by 2.4 percent, while foodstuff hiked by 0.5 percent. The Bank of England (BoE) considers that two percent is the best price growth rate, which allows the local economy to grow with no impacts on British family incomes. Source: Kuwait News Agency