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British inflation remains in negative territory

[LONDON] Britain's annual inflation rate held in negative territory in October, official data showed Tuesday.

The 12-month Consumer Price Index (CPI) inflation rate stood at minus 0.1 per cent last month, unchanged from September, the Office for National Statistics (ONS) said in a statement.

That matched the rate in April, which was also the lowest level since March 1960. Analysts had forecast no change for October.

Muted inflation means that the prospect of a hike in British interest rates - which have stood at 0.50 per cent for more than six years - is unlikely any time soon, economists say.