Inflation falls to 4.5%
A sharp fall in oil and food prices brought inflation down to 4.5 per cent in October.
The decline in the consumer price index from September's 5.2 per cent figure is the sharpest monthly decline since the series began in 1997.
With a significant decline in inflation forecast into the new year, the Bank of England could be forced to cut interest rates further to keep in line with the government's inflation target of two per cent - which could lead to good deals for those considering mortgages for professionals.
Oil trading has fallen from a price of $147 (£97.9) a barrel in July to a current trade of about $55.70 a barrel.
Howard Archer, an economist at Global Insight, said: "Inflation is poised to drop like a stone over the coming months due to sharply lower oil and commodity prices, waning food prices, very favourable base effects and rapidly diminishing underlying inflation."
Meanwhile, Ian Kernohan, an economist at Royal London Asset Management, has commented that the UK economy could be heading for negative retail price index inflation, depending on how far the Bank attempts to keep inflation at its two per cent target in the medium term.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
The decline in the consumer price index from September's 5.2 per cent figure is the sharpest monthly decline since the series began in 1997.
With a significant decline in inflation forecast into the new year, the Bank of England could be forced to cut interest rates further to keep in line with the government's inflation target of two per cent - which could lead to good deals for those considering mortgages for professionals.
Oil trading has fallen from a price of $147 (£97.9) a barrel in July to a current trade of about $55.70 a barrel.
Howard Archer, an economist at Global Insight, said: "Inflation is poised to drop like a stone over the coming months due to sharply lower oil and commodity prices, waning food prices, very favourable base effects and rapidly diminishing underlying inflation."
Meanwhile, Ian Kernohan, an economist at Royal London Asset Management, has commented that the UK economy could be heading for negative retail price index inflation, depending on how far the Bank attempts to keep inflation at its two per cent target in the medium term.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
