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mpc: 23 CPI inflation had been 2.4% in September, down 0.1 percentage points on August but stronger than the Committee had expected at the time of the August Inflation Report. In response to lower oil prices, CPI inflation had fallen by more in other economies such as the United States and euro area. In the United Kingdom, the depressing effect from lower petrol prices had been offset by increases in a number of other prices. In line with pre-release arrangements, an advance estimate for CPI inflation of 2.4% in October had been provided to the Governor ahead of publication.

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