UK inflation dropped sharply to the lowest level in two years last month, as the Prime Minister said his pledge to halve inflation by the end of the year has been “delivered”.
Consumer Prices Index inflation was 4.6 per cent in October, down from 6.7 per cent in September, according to data from the Office for National Statistics (ONS).
The largest driver of the slowdown in inflation came from house prices, which saw the lowest CPI rate since records began in 1950.
Prime Minister Rishi Sunak said: “In January I made halving inflation this year my top priority. I did that because it is, without a doubt, the best way to ease the cost of living and give families financial security.
“Today, we have delivered on that pledge.”
Sunak had pledged to halve inflation to about 5.3 per cent by the end of the year, but economists at Investec Economics said October’s slowdown “should not come as a huge surprise” because last year saw gas and electricity prices soar.
Energy bills were capped at £2,500 last year for the typical household.
This year, industry regulator Ofgem has capped bills at £1,834 for the typical household as prices have fallen.