UK Inflation has fallen to its lowest level in almost two and a half years.

The rate of price rises dropped by more than expected last month to 3.4 per cent, according to new ONS data. Equally encouraging, the annual rate of inflation has slowed at its fastest rate since 1978 over the past 12 months.

The same factors that played a major role in causing prices to skyrocket are the ones now largely responsible for bringing inflation down: global food and energy costs.