UK inflation fell to 1.7% in the year to September, the lowest rate in more than three years, official figures show.
The Office for National Statistics (ONS) said lower airfares and petrol prices were the main driver behind the fall.
The drop in the rate was larger than expected - economists had predicted a 1.9% fall.
It also means inflation is now below the Bank of England's 2% target, paving the way for interest rates to be cut further next month.
Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises "will be welcome news for millions of families".
"However, there is still more to do to protect working people, which is why we are focused on bringing back growth and restoring economic stability to deliver on the promise of change," he added.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 5-points, at 8,287 shortly after opening this morning.
Brent crude oil futures were up 0.27%, trading at $74.45 a barrel.
Companies reporting today
ASML* | Q3 Results |
BHP | Q1 Operations Update |
MONY Group | Q3 Trading Statement |
Ninety One | Q2 Assets Under Management Statement |
Quilter | Q3 Trading Statement |
Whitbread* | Half Year Results |