In October, UK inflation significantly decreased to 4.6% from 6.7%, marking the lowest rate in two years and a major easing of price pressures. This represents the most substantial monthly drop in the annual Consumer Price Index (CPI) rate since April 1992. The Bank of England (BoE) has kept interest rates unchanged at 5.25% and expects a challenging journey to bring inflation down to its 2% target by late 2025. Rishi Sunak acknowledged this as progress towards his goal of halving inflation within the year, bearing in mind the anticipated election in 2024. Chancellor Jeremy Hunt views this as a step toward long-term economic growth. Despite this positive trend, Britain still maintains the highest consumer price growth among G7 nations and has seen a 21% increase in consumer prices since late 2020. The BoE and economists anticipate further interest rate cuts by December 2024.