SME NewsCurrent Inflation Rate – October 08
Dramatic fall in October 2008 Consumer Price Index inflation following big rise the previous month.
Thanks to dramatic falls in oil and food prices, the Consumer Price Index (CPI) of annual inflation for October 2008 dropped by its biggest percentage for over a decade to reach 4.5%.
This follows the equally dramatic rise in inflation to 5.2% during the month of September.
Most analysts predict that inflation will now continue to slide as recession hits oil prices and the shortages in food commodities are alleviated by good harvests.
Retail Price Inflation (RPI) also saw significant falls recording its single biggest drop for 15 years, down to 4.2% in October from 5% in September 2008.
This decline was driven by oil and food prices, but also the continuing drop in the cost of housing as a result of interest rate cuts and falling house prices.
[Picture credit: patriciaproven @ flickr under licence]
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