UK inflation expected to slow sharply, easing interest rate pressure

Economists expect October's reading to fall almost two points to 4.8%, helped by drop in energy prices

The annual pace of price rises is expected to have slowed sharply when the latest official figure for October is released on Wednesday, easing fears that the Bank of England could increase interest rates next month.

City economists polled by Reuters have signalled that inflation as measured by the consumer prices index (CPI) will fall almost two percentage points to 4.8% from September's 6.7% reading.