British inflation dips by record amount

British annual inflation fell to 4.5% in October, down from 5.2% the previous month, on the back of the slump in oil prices. The 0.7 percentage point slide is the biggest since January 1997, when official records began, and since April 1992 based on historical comparisons.

Economists had expected a 0.4 percentage point decline. The Bank of England's latest quarterly Inflation Report signalled the institution was expecting a sharp fall in inflation and that it expects the measure to hit its 2%

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