The rate at which consumer prices increase, or inflation, decreased to 4.6% in October of last year from 6.7% in the previous month.

The administration claims that it has already fulfilled its promise to cut inflation in half by year’s end.

However, as energy prices level off, ministers can only absorb so much of the fall in value.

According to economists, this month’s decrease in the energy price cap—which sets a cap on the amount suppliers can charge customers per unit of energy—is the primary cause of the inflation that has dropped from its peak of 11.1% in October 2022.

They also highlight the Bank of England’s move to hike interest rates in an effort to reduce demand and slow down the UK economy.