British inflation falls to its lowest level in nearly three years in October
LONDON - British inflation fell to its lowest level in nearly three years in October, official data showed on Wednesday, adding to expectations that the Bank of England’s next move might be an interest rate cut.
It was the lowest consumer price index reading since November 2016, the Office for National Statistics said, giving households, whose spending has helped the economy through the Brexit crisis, a bit of a boost before next month’s election.British government bond prices jumped, with the yield on 10-year gilts GB10YT=RR falling by more four basis points on the day.
Two BoE policymakers voted to cut rates last week, citing signs of a cooling in the labour market, and their colleagues sounded cautious about the slower global economy and Brexit risks.
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