The UK 10-year gilt yield hovered near 4.55% after fresh data confirmed a continued easing in inflation, offering some relief to the Bank of England and the UK government while strengthening Finance Minister Rachel Reeves’ position ahead of next week’s pivotal budget. Headline inflation cooled to 3.6% in October, broadly in line with expectations. The decline was driven by lower household electricity and heating costs following adjustments to the Ofgem energy price cap, as well as reduced hotel prices. Services inflation eased to 4.5%, a slightly larger drop than anticipated, while core inflation edged down to 3.4%, matching forecasts. Reeves has pledged to lower living costs in her 26 November tax and spending statement, outlining measures aimed at further reducing inflation and helping pave the way for potential Bank of England interest-rate cuts.

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