Liam Halligan ANALYSIS: Are interest rates FINALLY going to stop rising?

"Now, by international standards, the UK is still a bit of an outlier. Our 4.6 per cent inflation compares with 2.9 per cent in the Eurozone. The continental Europeans got fewer price pressures and 3.2 per cent inflation in the US.

"Food price inflation is still very high. It's up at 10.1 per cent, as many shoppers will know, and the Office National Statistics and the fine print of its numbers today disclosed that food prices in October were 30 per cent higher than October 2021. That's a big reason why UK inflation is still high by international standards.

"The good news is that electricity prices in October were 15 per cent down on October 2022 and household gas prices were 30 per cent down on October 2022.

He added: "For those of you who drive cars and vans, petrol and diesel prices combined were about 8 per cent lower in October than they were in the same month last year.

"It looks to me as if inflation, which has come all the way down from the peak of 11.1 per cent in October last year to 4.6 per cent this October, it looks as if it's now going to gradually coast down, to near the Bank of England's target of 2 per cent by the middle of next year. And if that happens, that means we'll see no more interest rate rises in this cycle."

Liam concluded that: "It looks as if we've finally got our arms around inflation. Now the political focus will turn to growth. How are we going to get the economy moving?"