Inflation in the UK remains negative

The UK's inflation rate as measured by the Consumer Prices Index remained negative for second consecutive month in October, amid lower prices of food, alcoholic drinks and tobacco.

According to the Office for National Statistics of United Kingdom, the indicator registered a decrease of 0.1% as in September, in line with analysts' forecasts.

However, core inflation, which excludes volatile product groups such as food and energy is increased to 1.1%, above expectations to remain unchanged at 1%.

Compared to September, consumer goods and services rose 0.1 percent after dropped by 0.1 percent the previous month.

The news will further dampen expectations of a rise in interest rates any time soon.
The Bank of England said earlier this month that the global economy was weakening, depressing inflation risks.
Following this report, many economists forecast that rates would not rise until well into next year.

"This is now the ninth month running that CPI has been at or very close to zero," ONS statistician Richard Campbell said.In its latest qarterly Inflation Report, released earlier this month,the Bank said that inflation was unlikely to rise to 1% until the second halfof next year, while it would be two years before it reached its 2% target.