The UK inflation rate fell to 1.7% in September, the lowest in over three years, leading to expectations of another interest rate cut next month. Services inflation also decreased, which is significant as it accounts for 80% of the economy. Core inflation slowed to 3.2%. Despite this, inflation is expected to rise again due to energy price increases. The drop in inflation could lead to a rate cut in November, as Governor Andrew Bailey suggested a more aggressive approach if inflation cools. The Budget on 30 October may impact economic data and a 0.25% rate cut is expected in November, with more cuts likely in December. The latest inflation figures will also impact government benefits like the state pension, which is set to rise by 4.1% next April. The latest CPI report indicates a probable rate cut in November, making it crucial for savers to lock in higher interest rates now with fixed-rate accounts before rates plummet. It’s important to regularly review easy-access account rates and consider challenger banks for better deals, ensuring accounts are covered by the Financial Services Compensation Scheme for protection up to £85,000. Check out our round-up of the best savings accounts, regular saver accounts, and cash ISAs for the latest deals on cash savings.
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