The U.K.'s inflation rate cooled to 3.6% in October, marking one of the last major economic data releases ahead of the government's Autumn Budget next week.

Economists polled by Reuters had expected a rate of 3.6% in the twelve months to October, down from 3.8% in September.

Core inflation, excluding energy, food, alcohol and tobacco, rose by 3.4% in the year to October, down from 3.5% in September, according to the latest figures from the Office for National Statistics.

"Inflation eased in October, driven mainly by gas and electricity prices, which increased less than this time last year following changes in the Ofgem energy price cap. The costs of hotels was also a downward driver, with prices falling this month," Grant Fitzner, chief economist at the ONS, commented Wednesday.

These

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