Rishi Sunak has met his target to halve inflation before the end of the year after a dramatic fall in prices helped by falling energy costs.

The consumer prices index (CPI) dropped to 4.6pc in October from 6.7pc the previous month, leaving it at its lowest level in two years after a slowdown in the increasing cost of gas and electricity.

The Prime Minister pledged at the start of the year to halve inflation to below 5.4pc by the end of 2023.

The inflation figure dropped dramatically after the latest Ofgem price cap came into effect, limiting typical household energy bills to £1,834.