UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%

Inflation in the U.K. dropped sharply in October to its lowest level in two years largely because last year's steep rise in domestic energy bills dropped out of the annual comparison. The Office for National Statistics said Wednesday that consumer prices in the year to October were 4.6% higher than the year before, much lower than the 6.7% recorded in the previous month. The decline means that Prime Minister Rishi Sunak’s pledge to halve inflation this year has been met. Sunak made the pledge soon after becoming prime minister when inflation was more than 10%. It will provide some comfort to his Conservative government, which is trailing the main opposition Labour Party in opinion polls ahead of a general election.