00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Some major breaking economic news this morning. Inflation dropped below the Bank of England
00:12target rate last month, for the first time since April 2021. The ONS said consumer prices
00:20index inflation fell to 1.7% in September, from 2.2% in August. The slowdown was driven
00:29by a sharp slump in petrol prices and lower airfares. Inflation was lower than expected,
00:37with analysts predicting a reading of 1.9% for the month. The September figure is used
00:43by the government to decide a number of tax and spending changes for next year, and it
00:48means UK state benefits will rise by 1.7% next year. So a major update this morning.
00:57Inflation has fallen below the 2% target for the first time in three years. My name
01:02is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
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