UK inflation has fallen to 4.6 per cent, down from 6.7 per cent in September.
This is the first time inflation has fallen below five per cent in two years when figures for October were published this week.
Prime Minister Rishi Sunak Sunak has promised to flatten inflation in 2023. It was just over 10 percent in January.
The drop to less than five percent in the consumer price index could be one of the promises he can comfortably say he achieved.
Analysts said a sharp fall in the annual rate of inflation could prompt finance minister Jeremy Hunt to cut taxes in his latest budget announcement due next week.
Mr Sunak said: “Inflation seems to work like a tax. It eats into the pound in your pocket, affecting the price of your grocery, your mortgage, the size of your pension pot. That’s why inflation half as my top priority.
“It took hard decisions and fiscal discipline to get rid of it. Official figures released this morning confirm that we have halved inflation in line with the first of the five priorities I set out at the start of this year.
“But while it is welcome news that prices are no longer rising so quickly, we know that many people are continuing to struggle, which is why we need to stay on course to reduce inflation get all the way back to two percent.”
The prime minister inflated one of the five promises by which the nation should judge its Premiership.
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