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The consumer price index (CPI) had hit 5.2 per cent in September.
In a statement, the Office for National Statistics commented: "The largest downward pressure on the CPI annual rate came from transport costs where the price of fuels and lubricants fell this year but rose last year.
"The decrease this year was triggered by a sharp fall in the price of crude oil."
Recently, the Bank of England said inflation could fall as low as one per cent next year, well below its target of two per cent.
Data has also shown that the price of goods leaving factories has also dropped one per cent in October.
The CPI is based on the average price of goods and services consumed by households in the UK.
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