Inflation falls to two-year low of 4.6%

Inflation falls to two-year low of 4.6%

15 Nov 2023

Data published by the Office for National Statistics (ONS) has revealed that inflation has fallen to a two-year low of 4.6%.

The ONS found that the UK's rate of inflation fell to 4.6% from 6.7% in September. It revealed that a 'small reduction' in the energy price cap helped to bring the inflation rate down. According to the data, electricity costs are down 15.6% compared to a year earlier, whilst gas costs are down by 31%.

The latest inflation rate of 4.6% is the lowest since November 2021. Prime Minister Rishi Sunak welcomed the news, but reiterated the government's target to reduce inflation to 2%.

Commenting on the data, Grant Fitzner, Chief Economist at the ONS, said: 'Inflation fell substantially . . . as last year's steep rise in energy costs has been followed by a small reduction in the energy price cap this year.

'Food prices were little changed on the month after rising this time last year, while hotel prices fell, both helping to push inflation to its lowest rate for two years.'