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Pound falls after UK annual inflation slows more than expected in September

The British pound fell against the dollar after data showed annual inflation in the U.K. decreasing more than expected in September.

The 12-month consumer price index declined to 2.4% in September from 2.7% in August, falling short of Econoday's consensus estimate of 2.6%. The pound was down 0.36% against the dollar as of 5:08 a.m. ET.

"Food was the main downward pull on inflation as last year's September price rises failed to reappear, while ferry prices dropped after their surprisingly high summer peak. However, it wasn't all one-way traffic with energy suppliers pushing up their prices," said Mike Hardie, head of inflation at the Office for National Statistics.

Inflation in food and non-alcoholic beverages fell to 1.5% in September from 2.5% in August while transport inflation decreased to 5.6% from 6.1%. Recreation and culture prices increased by 3.0% from a year ago after a 3.6% annual increase in the prior month. Clothing and footwear prices fell by 0.4% after rising by 0.3%.

Core inflation, which excludes energy, food, alcoholic beverages and tobacco, fell to 1.9% from 2.1%.

On a month-over-month basis, consumer prices edged up by 0.1% in September, below expectations of a 0.3% increase.

Meanwhile, the annual rate of inflation for goods leaving the factory gate increased to 3.1% from 2.9% in August. Output prices increased 0.4% month over month in September.

The annual rate of inflation for materials and fuels purchased by manufacturers rose to 10.3% in September from 9.4% in August. Input prices were up 1.3% on a month-over-month basis.

According to a release, average house prices in the U.K. increased by 3.2% in the year to August, compared with a 3.4% increase in the year to July.