Inflation drop biggest since 1992

According to the ONS, the Consumer Prices Index (CPI) measure dropped to 4.5% last month after September's 16-year high of 5.2%. It says falling transport costs, sparked by a drop in the price of fuels and lubricants, helped push CPI to its lowest rate since July. The Retail Prices Index, (RPI) the alternative measure of inflation, which includes housing costs, fell from 5% to 4.2%, the biggest fall since 2003. Today's inflation data follows a Bank of England (BoE) warning inflation could fall below its target of 2% next year and might even drop as low as 1%. For the first time sinc...