Decline in annual rate in October eases fears that Bank of England will raise interest rates again this year

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The UK’s annual inflation rate fell sharply to 4.6% in October on the back of a drop in the cost of gas and electricity, outperforming City forecasts.

The steep decline in last month’s consumer prices index (CPI) reading from 6.7% in September beat the 4.8% predicted by a poll of economists for Reuters.