Mubasher: The UK’s consumer price index (CPI), the headline gauge for the country’s inflation, slowed down to 1.5% year-on-year in October from 1.7% in September, official data showed on Wednesday.

In addition, the 12-month rate of the price index, covering the costs of owner occupiers’ housing, (CPIH), came in at 1.5% last October, from 1.7% in the preceding month, the Office for National Statistics (ONS) said.

This was mainly ascribed to lower prices of electricity, gas and other fuels, after adjustments to the energy price cap.

In addition, furniture, household equipment and maintenance costs fell, as prices of culture and recreation-linked products declined.

However, the downward turn was partially curbed by price surges of clothing and footwear.

By 9:31 am GMT, the GBP/USD pair ticked down by 0.01% to $1.2844, while the EUR/GBP pair inched up by 0.02% to GBP 0.8573.