A decrease in food prices pushed the UK Consumer Prices Index (CPI) inflation rate down to 5% last month.
The rate for October saw a 0.2% drop from the previous month, which has been attributed to heavy supermarket discounting and good harvests according to the Office for National Statistics.
In addition, a 6% reduction in air travel costs on the previous year, along with a fall in petrol prices of 0.5p a litre, were also thought to be contributing factors.
Despite the drop, the rate remains well above the Bank of England’s target of 2%, but the government has recognised that inflation rates still remain high.
A Treasury spokesperson said: “These are difficult times for households as prices continue to be affected by conditions in the global oil and gas markets.”
Retail Prices Index (RPI) inflation also fell to 5.4% from 5.6%.
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