Financial News: UK inflation tumbles

Consumer prices tumbled in October, justifying the Bank of England s dramatic 1.5 percentage point interest rate cut earlier this month and opening the door for further reductions in the costs of borrowing, according to economists.The official measure of consumer prices dropped 0.7 per cent last month to a much lower-than-expected annualised rate of 4.5 per cent, after peaking at 5.2 per cent in September.