Paul Howell MP is pleased to share inflation, which measures the rate at which consumer prices rise, dropped to 4.6% in the year to October, down from 6.7% the month before, and 11.1% a year ago today.
UK inflation fell sharply in October to its lowest rate in two years.
Rishi Sunak promised in January that inflation would halve by the end of this year, from its level of 10.7% in the last three months of 2022.
Paul Howell MP said:
"I am so pleased inflation is at the lowest rate in 2 years and has halved since 1 year ago today.
The government's pledge to halve inflation by the end of the year has been met early which is brilliant news for everyone in our country.
With inflationary pressures easing, alongside the major tax cuts the Chancellor of the Exchequer announced during the Autumn Statement, we are back on track to healthy sustainable growth."
Rishi Sunak, Prime Minister said:
"I promised you we would halve inflation - we took the difficult decisions and we have delivered on that promise."
