British inflation has dropped to 2.2%, its lowest figure in nearly three years, according to the Office of National Statistics.


The ONS announced that annual consumer price inflation eased to 2.2 percent in September, as originally forecast. Following August's 2.5 % increase, Chancellor George Osborne's policy of quantitative easing is seemingly reaping rewards.

"The rate of inflation has now more than halved since its peak last September, bringing welcome relief to the budgets of families and businesses," a finance ministry spokesman said.



 However, inflation remains above the Bank of England's 2 % target, and the announced 6-9% hike in utility bills from UK energy providers suggests a harsh financial winter for many consumers.

"This is as low as the inflation data is going to go. This is the best chance we had to hit the 2 percent inflation target, and we failed," said Alan Clarke, economist at Scotiabank.



You can read the full ONS report here.