United States & British Inflation plummets
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In latest reports from Britain and the US, inflation has plummeted in both economies amid worsening economic conditions that have dragged thw world economy into an impending global recession.
In the US inflation fell at the fastest rate in 61 years in October as consumers have stopped spending and retailers attempt valiantly to maintain demand. Consumer prices dropped by 1% as fuel prices alone dropped by 14.2% in October.
In Britain, the annual inflation rate in October fell to 4.5% from 5.2% in September, the first fall in 14 months. The fall is the biggest monthly fall in 16 years as the global economy falters.
The news from the US and Britain confirm the respective central banks views that inflation would fall and locks in bigger than expected rate cuts on the way.