Updated Nov. 15, 2023 3:13 am ET

The U.K.’s inflation rate fell to its lowest rate in two years in October, dragged down by falling energy prices, lifting a little of the pressure on the Bank of England’s efforts to combat rising prices ahead of its final meeting of the year next month.

The consumer price index—which measures a wide basket of goods and services prices—rose 4.6% on year, falling from 6.7% in September, data from the Office for National Statistics showed Wednesday. That marks its lowest rate since October 2021.

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