(fxcue news) - The British pound weakened against other major currencies in the European session on Wednesday, after U.K. inflation fell below the 2 percent target and also hit the lowest in more than three years in September, piling pressure on the Bank of England to ease policy at the November meeting. Data from the Office for National Statistics showed that consumer price inflation weakened more-than-expected to 1.7 percent in September from 2.2 percent in August. This was the lowest since April 2021. Prices were forecast to climb 1.9 percent. On a monthly basis, the consumer price index remained flat after rising 0.3 percent in the prior month. Economists had expected a 0.2 percent increase. Core inflation that excludes prices of energy, food, alcohol and tobacco, softened to 3.2 percent from 3.6 percent in the previous month. The core rate also remained below forecast of 3.4 percent. Data showed that services inflation eased notably to 4.9 percent from 5.6 percent. At the same time, goods prices slid 1.4 percent. The BoE had maintained its benchmark rate at 5.00 percent at the September meeting after lowering it by a quarter-point in August, which was the first reduction since 2020. The next policy announcement is due on November 7. Another report from the ONS showed that output prices declined for the first time in eight months in September. Output prices dropped 0.7 percent annually, reversing a 0.3 percent rise in August. Economists had forecast prices to fall 0.6 percent. On a monthly basis, the decline in output prices deepened to 0.5 percent from 0.3 percent in the prior month. Prices were expected to fall again by 0.3 percent. Input prices decreased 2.3 percent on a yearly basis, following a revised 1.0 percent fall in August. Monthly input prices were down 1.0 percent after a 0.3 percent drop in August. Input prices were expected to drop only by 0.5 percent. European shares traded lower with weak earnings and caution ahead of a European Central Bank (ECB) policy meeting on Thursday denting investor sentiment. The ECB is likely to deliver another interest rate cut after recent data signaled continued weakness in the euro zone economy. In the European trading now, the pound fell to nearly a 2-month low of 1.2982 against the U.S. dollar and a 6-day low of 193.70 against the yen, from early highs of 1.3078 and 195.30, respectively. If the pound extends its downtrend, it is likely to find support around 1.28 against the greenback and 191.00 against the yen. Against the euro and the Swiss franc, the pound dropped to a 5-day low of 0.8380 and a 2-day low of 1.1193 from early highs of 0.8327 and 1.1280, respectively. The pound may test support near 0.84 against the euro and 1.11 against the franc. Looking ahead, U.S. MBA mortgage approvals data, Canada housing starts for September, manufacturing sales data for August, U.S. import and export prices for September, are slated for release in the New York session.