UK inflation eased to 3.6% in the year to October, according to new data released on Thursday by the Office for National Statistics (ONS). The figure is a slight drop from 3.8% in September and comes just one week before Chancellor Rachel Reeves MP delivers her anticipated Budget. Despite the decline, the broader economic outlook remains gloomy, with the economy expected to face further strain from upcoming tax increases. Economists had expected a fall from September’s 3.8% to 3.5%. The economy grew by just 0.1% in Q3, while unemployment stands at 5%. The current inflation trend suggests the Bank of England is likely to cut interest rates again on 18 December. Commenting on the figures, the Chancellor said: “I’m determined to do more to bring prices down. “I recognise that inflation and the cost of living is still a big burden on families across country.” Her approach will face scrutiny next Wednesday, as attention turns to the economic outlook for 2025.