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Inflation rate drops sharply to 4.6%

The Office for National Statistics (ONS) confirmed that inflation has fallen to 4.6% from 6.7% in September, down from 11.1% this time last year.

The figures support the view among investors that the Bank of England's interest rate has hopefully peaked. A further fall in inflation could bring forward market expectations for the timing of the first interest rate cut next year.

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