The Consumer Prices Index (CPI) was 2.2% in the year to October 2013, down from 2.7% in September, the Office for National Statistics (ONS) has reported.

The largest contributions to the fall in the rate came from the transport (notably motor fuels) and education (tuition fees) sectors.

The other main consumer price indices moved in a similar fashion. CPIH grew by 2.0% in the year to October 2013, down from 2.5%. RPIJ grew by 1.9%, down from 2.5%.

Aston Goodey of MGM Advantage said: “This may offer welcome temporary relief for people but inflation has hit households hard over the last year. Although petrol and diesel prices have driven down inflation, there is a fear the recent energy price hikes will fuel further inflation.

“Many people are struggling to makes ends meet, with one in two cutting back on spending in any way they can over the last year to cover the cost of day-to-day living. This clearly shows we are in the middle of a cost of living crisis.

“Inflation has a disproportionate effect on retirees, who spend a larger percentage of their income on household bills. 42% of the over 65s have cut back on spending over the past year on things like energy, food and going out to try and stretch the monthly budget. This issue highlights the importance of ensuring any pension income considers inflation during retirement.”