UK inflation rate drops to 4.6% in October – what it means for your money

THE UK’s inflation rate has fallen to 4.6% in October, official figures show.

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

GettyThe UK’s inflation rate fell in October[/caption]

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.