The demand conditions have plummeted and core inflation in October 2019 declined to 3.47 per cent (September 2019: 4.02 per cent, October 2018: 6.19 per cent).
On Tuesday, the ONS also revealed that wage growth had slowed to 3.6 per cent in September from 3.8 per cent the previous month.
The introduction on October 1 of the new six-month energy price cap for households in Britain not on fixed-term deals brought down inflation for the month, the ONS said. Regulator Ofgem estimates its new cap, which was lowered in response to cheaper wholesale prices, will save 11 million people an average of £76 a year.
The largest downward contribution came from electricity, gas and other fuels as a result of changes to the energy price cap. After banning exports of onions and putting stock limits for local traders, the centre has chose to import the essential kitchen ingredient to curb rising prices. The target is set within a band of +/- 2 per cent.
During the month, inflation in vegetables spiked to 26.10 per cent from 5.40 per cent in September, while for fruits it jumped to 4.08 per cent from 0.83 per cent.
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A significant slowdown in the inflation of products in the recreation and culture category also contributed to lower inflation. A Bloomberg survey of 33 economists pegged retail inflation at 4.35% in October. The brokerage last week cut its overall GDP growth forecast for FY20 to 4.9% from 5.7% estimated earlier, the lowest so far among financial services group.
"Consumer price inflation looks likely to remain close to 1.5 per cent over the rest of the year and through the early months of 2020 - and it could conceivably edge down further".
David Cheetham, chief market analyst at XTB, agreed that the decrease will push calls for the cut but time is not on the side of the MPC.
The RBI has cut its key interest rate by a cumulative 135 basis points (bps) this year to 5.15 per cent.
"With a General Election and Brexit on the horizon, it's hard to foresee exactly when the political and economic environment might stabilise, and if nothing changes for the better the Bank of England will be under pressure to introduce an interest rate cut in early 2020".