Charities urge government not to ‘fiddle’ benefits increase after inflation hits two-year low – as it happened

Cost of living campaigners say government should use September's inflation rate to set benefits, not October's, after CPI falls to 4.6% from 6.7%

• Full story: Jeremy Hunt urged not to use sharp fall in inflation to squeeze benefits
• Full story: UK inflation drops sharply to 4.6% as energy prices fall

Falling energy bills, and the economic drag caused by higher interest rates, should get the credit for the drop in inflation.

That's the view of Suren Thiru, economics director at ICAEW (The Institute of Chartered Accountants in England and Wales).

This dramatic drop suggests that the UK has turned the corner in its battle against soaring inflation, particularly given the fall in core inflation, which indicates that underlying price pressures are also easing.

While the Prime Minister has achieved his target to halve inflation this year, this owes more to the downward pressure on prices from falling energy costs and rising interest rates than any government action.

The fall in inflation will come as some relief for families struggling with the cost of living.

But now is not the time for Conservative ministers to be popping champagne corks and patting themselves on the back.