A fall in inflation may prove to be merely temporary. But it is a welcome boost to the incoming Governor of the Bank of England Mark Carney.
Inflation is stuck at 2.7% for the third month in a row and there are signs it may actually rise in months to come.
Should the Bank ignore inflation for a while and instead unleash even more radical measures? The answer may rest with Canadian economics...
Today's fall in inflation rate is "welcome", but is still not countering the rising cost of living, Labour's Shadow Economic Secretary to the Treasury has said.
Catherine McKinnell MP blamed David Cameron for prices still rising faster than wages, adding that "with inflation-busting hikes in energy prices in the pipeline families and pensioners will carry on feeling the squeeze."
She cited Labour's proposed energy bill freeze and childcare expansions as measures that David Cameron has opposed.
There's been a surprisingly sharp drop in inflation this morning.
Prices rose by 2.2 per cent in October, down from 2.7 per cent the month before and well below economists' expectations.
The main reasons were a sharp fall in transport costs, mainly motor fuels (for example a drop of 4.9p in petrol in October), and tuition fees.
The latter of these is a mathematical quirk: education costs rose 8 per cent but this was half the rate they were rising a year ago so the comparison contributes to a lower overall inflation figure.
Prices have been rising ahead of wages for years now. It's likely that that trend will be reversed some time next year but today's easing of inflation may bring the end of the squeeze on incomes a little closer.
The headline rate of retail price index inflation fell to 2.6% from 3.2% in September, the ONS said.
The rate of consumer price index inflation fell to 2.2% in October - its lowest level in more than a year - from 2.7% in September, official figures showed.
The rate of consumer price index inflation remained at 2.7% in September, unchanged from August, official figures showed today.
The headline rate of retail price index inflation fell to 3.2% from 3.3% in August, the ONS said.
The rate of Consumer Prices Index Housing, which takes housing costs into account, remained unchanged at 2.5 percent.
As expected, the inflation rate for August was down a touch to 2.7 percent.
It is still running ahead of wage increases though.
The small drop in the rate of Consumer price index inflation in Autumn was due to changes in the transport and clothing sectors, the Office for National Statistics reports.
- Clothing and footwear inflation was at 2 percent, compared to 2.8 percent last year
- Petrol prices rose 2p per litre compared to a rise of 3.5p per litre in August 2012
- Air fares up 9.4 percent compared to 10.2 percent a year ago
The drop in the inflation rate were partially offset by increases in the furniture, household equipment and maintenance sectors.
The rate of consumer price index (CPI) inflation fell to 2.7% in August, from 2.8% in July, official figures showed today.