What lower inflation means for your finances

The inflation rate has hit its lowest level for two years, but it's not all good news

Man with credit card looking at laptop
Some savings accounts are now offering interest rates that are higher than inflation, meaning you are not losing money
(Image credit: Getty Images/Eva-Katalin)

Inflation has fallen to its lowest level in two years, so what does this mean for your wallet?

Data from the Office for National Statistics (ONS) shows that the inflation rate – the cost of goods and services – was 4.6% in October, down from 6.7% a month before.

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.