Inflation drops sharply - PM claims he's met his pledge to half it
Consumer Prices Index was 4.6% in October; down from 6.7% in September
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% in October, down from 6.7% 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."
Mr Sunak had pledged to halve inflation to about 5.3% by the end of the year.
Reaction from Labour's Shadow Chancellor
Shadow chancellor Rachel Reeves said the Government should not be "popping Champagne corks" about the fall in the rate of inflation, with people still struggling with the cost of living.
"The fall in inflation will come as some relief for families struggling with the cost of living," she said.
"But now is not the time for Conservative ministers to be popping champagne corks and patting themselves on the back.
"After 13 years of economic failure under the Conservatives, working people are worse off with higher mortgage bills, prices still rising in the shops and inflation twice as high as the Bank of England's target.
"Rishi Sunak is too out of touch and his party is too divided to help people who are worried about the cost of living.
"A Labour government's priority would be making working people better off by boosting wages, cutting people's bills and getting the economy growing again."
Lib Dems reaction
Liberal Democrat Treasury spokeswoman Sarah Olney said: "Rishi Sunak congratulating himself over today's figures will be cold comfort for all the hard-working people still bearing the brunt of this Conservative chaos.
"For months on end, people across the country have been watching as their pay cheque gets squeezed from all sides, draining every spare penny. From the ever-increasing cost of the weekly shop to skyrocketing mortgage payments.
"Enough is enough. With next week's autumn statement, the Government must properly help families and pensioners struggling with the cost-of-living crisis and give our NHS the funding it desperately needs."