The annual inflation rate for food and non-alcoholic beverages declined to 10.1% in October. Credit: Franki Chamaki on Unsplash.

The UK’s consumer prices index (CPI) annual inflation rate dropped 4.6% in October 2023, according to data released by the Office for National Statistics (ONS).

The annual rate for food and non-alcoholic beverages declined to 10.1% from 12.1% in September.

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ONS data also revealed that CPI for alcoholic beverages and tobacco products dropped to 11.0% in October from 11.2% in September.

CPI of the clothing and footwear sector also decreased to 6.2% in October compared to 6.9% in the prior month.

The data also revealed that the annual inflation rate for furniture, household equipment and maintenance declined to 3.1% in October from 3.7% in September.

Over the month, the annual inflation rate for restaurants and hotels dropped to 7.5% against 8.6% in the previous month.

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British Retail Consortium chief executive Helen Dickinson said: “After a brief pause in September, inflation is once again headed in the right direction, helped by the seventh consecutive month of falling food inflation.

“Clothing & footwear and furniture inflation also eased as retailers competed to offer the best value for customers ahead of the festive season. Prices for rice, butter and yoghurt all fell on the month, as well as for adult footwear while higher commodity prices and the weaker pound fed through into higher inflation rates for chocolate and olive oil.

“There remains upcoming challenges: oil prices have been slowly climbing, consumer demand is weakening and higher wage bills are pushing up business costs. Such pressures would be exacerbated by the planned rise in business rates next year.”