Another reduction is now fully priced in by February, compared with March before the inflation figures, according to interest rate futures. Share Updated at 07.40 BST18m ago 07.30 BST Some economists are saying this is probably the peak in inflation. Paul Dales, chief UK economist at Capital Economics, said: CPI inflation was lower than feared in September, as it stayed at 3.8% rather than rising to 4.0% or above. This was offset by lower prices for leisure activities, in particular live music concerts, where monthly prices fell by 8.6% compared with a rise of 5.8% a year earlier. Overall, the annual inflation rate in recreation and culture fell to 2.7% from 3.2%.