London, Thanasis Gavos

The inflation rate in the United Kingdom fell significantly to 4.6% in October from 6.7% in September.

That’s a two-year low and a big drop from its peak 11.1% exactly one year ago.

The reduction is attributed to lower energy costs for British households as gas and electricity prices fell.

At its lowest level since last Junei.e. at 10%, the individual inflation in food prices is also formed.

A decrease is also recorded in prices in restaurants and hotels.

Structural inflation, which excludes volatile fuel and food prices, also fell from 6.1% to 5.7%.

Earlier in the week, the Office of National Statistics had announced that the wage growth rate was 7.7%, i.e. higher than the price of inflation, offering a breather to many households that for at least a year and a half have experienced the cost of living crisis.

The significant drop in inflation it also means achieving one of the top five goals Prime Minister Rishi Sunak set a year ago when he took office, namely to halve inflation.

Mr Sunak welcomed the significant reduction but he said work must continue to bring inflation down to the 2% target set by the Bank of England mandate.