UK inflation drops sharply to 4.6% as energy prices fall

Decline in annual rate in October eases fears that Bank of England will raise interest rates again this year

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The UK's annual inflation rate fell sharply to 4.6% in October on the back of cheaper gas and electricity, its lowest level for two years.

Marking the steepest single month decline in the consumer prices index (CPI) since 1992, the fall from 6.7% in September also beat the 4.8% figure predicted by a poll of economists for Reuters.