The Consumer Price Index level of inflation deceased from 6.7% in September, according to the Office for National Statistics (ONS).

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This puts the government on track to meet its target to halve inflation by the end of the year.

Inflation is a measure of how the price of goods and services has changed over the past year.

It has fallen back since hitting a 41-year high of 11.1% last October.

Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: “Inflation fell substantially on the month as last year’s steep rise in energy costs has been followed by a small reduction in the energy price cap this year.

“Food prices were little changed on the month, after rising this time last year, while hotel prices fell, both helping to push inflation to its lowest rate for two years.”