The rate of inflation in the UK fell sharply last month to its lowest rate in two years, data from the Office for National Statistics has revealed.

The figure dropped to 4.6% in the year to October, down from 6.7% the month before - largely due to lower energy prices.

Reacting to the figures, Ruth Ross, Shropshire Chamber of Commerce chief executive, said: “This sharp fall in CPI inflation to 4.6% is certainly encouraging – but in reality, it is only part of the story.

“Inflation in many sectors is still running much higher than this figure and continues to dampen spending across many Shropshire businesses, impacting on their profitability.

“Businesses are still struggling to invest, as they face the challenges of high interest rates, skills shortages and difficult trading conditions.”

Ruth said next week’s Autumn Statement, on November 22, would be an opportunity for the Government to outline a clear strategy for growth.

“We echo the calls from the British Chambers of Commerce for action from the Chancellor on planning, the energy grid, full expensing, business rates and occupational health.  

“Movement on these crucial issues can provide a springboard for business investment which will be the cornerstone of economic growth.”