Core Inflation:

• Annual core CPI: 3.4% (down from 3.5% in September), lowest since March
• Market expectation: 3.4% – in line with consensus

Breakdown:

• Goods inflation: 2.6% (vs 2.9% previously)
• Services inflation: 4.5% (vs 4.7% previously)
• Monthly core CPI: +0.3% (after flat in September)

Takeaway:

• Broad-based moderation in both goods and services.
• Suggests underlying inflation pressures are easing, potentially providing room for a more measured approach from the Bank of England on interest rates.