UK inflation falls to lowest level in more than three years

UK inflation fell to 1.7% in the year to September, the lowest rate since April 2021.

Lower airfares and petrol prices were the main driver behind in the fall, the Office for National Statistics (ONS) said.

The drop in the rate was larger than expected – economists had predicted a 1.9% fall.

It also means inflation is now below the Bank of England’s 2% target, paving the way for interest rates to be cut further next month.