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UK inflation has slowed to its lowest level in four months – but is it a big deal?

Here’s the BBC:

“The UK inflation rate fell to 3.6% in the year to October, but food prices rose again following a dip in September.

“Prices are rising at their slowest pace for four months, helped by smaller rises in household energy costs and lower hotel costs, the Office for National Statistics (ONS) said.

““I’m determined to do more to bring prices down,” said Chancellor Rachel Reeves, after the latest data was released.

““I recognise that inflation and the cost of living is still a big burden on families across country,” she said.

“The biggest upward pressure on prices came from food and non-alcoholic drinks, the ONS said. The 12-month inflation rate for food was 4.9% in October, up from 4.5% in September.”

It is not a big deal for ordinary people — at least, not in the way politicians, pundits or headlines imply.

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