Inflation falls sharply - the lowest level since 2021

New figures show inflation slowed faster than expected in October, suggesting an end to base rate rises for some time. What does the drop mean and what is driving the fall?

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(Image credit: Pla2na)

Inflation has dropped to its lowest level in two years, the Office for National Statistics has revealed.

The ONS found that in the 12 months to October, the consumer prices index rose by 4.6%. That’s down from 6.7% in September, and is the lowest level seen since November 2021.

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John Fitzsimons

John Fitzsimons has been writing about finance since 2007, and is a former editor of Mortgage Solutions and loveMONEY. Since going freelance in 2016 he has written for publications including The Sunday Times, The Mirror, The Sun, The Daily Mail and Forbes, and is committed to helping readers make more informed decisions about their money.